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Taking Care of Your Money

Category: Activities: Home | Age Group: 8-10


Using Money Wisely – Saving, Spending, Sharing


No specific requirements


Children need to learn to take care of money. Too often they only see money as something that is used to acquire things in the present and they spend it without regard to future needs. Many times they spend any money they have on immediate wants and later come to wish that they had saved that money for other things. It is important, therefore, for them to come to understand that money has many uses and they should think carefully about how they use it. By discussing some old but wise sayings with them they hopefully will come to see that careful reflection should occur before any expenditures are made.

  • Find a moment to sit down with your child and ask them the meaning of an old saying such as “A fool and his money are soon parted” or “Pay yourself first.”
  • Get your child’s ideas about the meaning of the saying and establish the idea that careful consideration needs to be given before money is used rather than after.
  • Ask your child to suggest reasons why some money needs to be saved and then discuss ways in which that money could be saved.
  • Suggest also that there are 3 basic pots that can be used in which to place money – the savings pot, the spending pot and the sharing pot.
  • Conclude the discussion by suggesting that the next time the child has some money to use that you will help them decide what to do with it.