
A guide to teaching your kids the value of money in 4 easy steps by incorporating simple changes into your daily routines.
I developed these 4 easy steps on how to teach kids the value of money when I came to the realization that a lot of my kid’s behavioral issues were linked to their lack of responsibilities around the house.
Having no responsibilities meant that they got what they wanted without having to work for it. This led to them having no understanding of the value of money or the importance of saving money.
They want for nothing and yet they’re never happy with what they have. They always want more and more. And the problem is, we usually give them more and more, so I can’t really blame them.
But what I can do, is try to correct the behavior. It was time for me to teach my kids how to earn money and how to save money so I began working on these 4 steps to teach my kids about financial responsibility.


How to Teach Your Kids the Value of Money
#1 Chore Chart for Kids
The first thing I did to help teach my kids the value of money, was to create a Chore Chart for both of my older children (11 & 7) detailing what needs to be done on a daily basis.
The chore chart I use in the summer varies from the one I use during the school year. The summer list has a lot more daily duties but I feel like that would be too much for them during the school week.
After a long day at school plus a commute home (we go to a charter school so our school isn’t close), I don’t want them doing chores all afternoon, but I still want them learning responsibility.
The first chore chart I used was the traditional vertical list with little boxes for the days of the week. I discovered that this style was really hard for my kids to understand and they always had to ask me what needed to be done.
The little boxes for S M T W TH F S confused them. To solve this problem I created this new CHART that has everything clearly laid out by the day.
This way they can be more proactive about doing their jobs and they can’t tell me they didn’t know they were supposed to do a certain chore.
You can download these customizable chore charts below by clicking on the image.
Disclaimer: This post may contain affiliate links that I may earn a commission from. As an Amazon Associate, I earn from qualifying purchases. You can read my full disclosure HERE.
After I finished with the chart and filled in all their duties, I laminated it with this really inexpensive laminator I got from Amazon. I also got these great magnetic dry erase markers so I can attach them to the fridge and everyone can quickly check items off their list.
Having these charts laminated really makes it easier because I don’t have to print off a new sheet every week. So really I’m saving trees and my sanity at the same time.
Make sure you grab some extra laminating pouches too since this laminator only comes with two. These go on sale often so if you can get them for under $12 you’re getting a great deal!
Here is the more traditional style of chart. This didn’t work well for my kids, but that doesn’t mean it wouldn’t work in your house:) You can check out all my Responsibility Printables and see if any fit your needs better.
Should I Give My Kids an Allowance for Doing Their Chores?
#2 Should Parents Give an Allowance for Chores?
In my world, the answer is a big YES! My kids need some motivation to get going and money talks. Because of their ages, they really aren’t making that much, but to them, it’s a lot and it makes them happy.
They get $0.25 per completed chore. If they refuse to do a chore, not only do they not get paid for it, but they lose $0.25 of their earnings.
UPDATE: They now get $5 every Sunday and they still have to pay me if chores don’t get completed.
Examples of what my kids do on a daily basis are feeding the dog, empty the dishwasher, take out the trash, and clean the bathroom sink.
I haven’t been able to give up control enough to let them clean the toilet – there are three boys in this house so I need to make sure all the nooks and crannies are scrubbed.
Another Update: I have somewhat given up control of the bathroom. The way I do it now is that I give my kids 4 Clorox disinfecting wipes. They have 2 for the toilet and 2 for the sink. Every other day they are responsible for wiping down the sink/vanity and the toilet surfaces. Then once a week I do the full cleaning.
How do I Know What Chores are Age-Appropriate for My Kids?
Knowing what types of chores to give your kids can be pretty tough when you have small kids. I for one have definitely underestimated what my kids can do in the past. They can do a lot more than I originally gave them credit for.
That’s why it’s so important to look at age-appropriate chore lists – so you can get ideas on what type of chores other kids of the same age are doing.
You can review my Chore Chart for Kids by Ages if you need some guidance.
Remember: As parents, it’s common to underestimate our kids, so make sure you review or print this list so you have a better idea of what your kids are capable of.

You can view and download all of my chore charts for kids and customize them to fit your needs. There are more designs than what is pictured in this post.
How do I Teach my Kids that you Don’t Have to Spend Money Just Because you Have It?
#3 No More Little Trinkets Every Time we Stop at Target
I stopped ALL the EXTRAS. By extras, I mean I stopped buying them things they WANTED.
I still provide everything they need, but I no longer purchase them extras like gumballs at the grocery store, Hot Wheels at Target, ice cream from McDonald’s, and of course, I stopped buying my son V-bucks for Fortnite.
If you don’t know what V-bucks are, good for you! Count yourself as one of the lucky ones.
My kids very quickly get into the habit of doing certain things. For example, we drive by McDonald’s on the way home from school. I stopped there once to get them a special treat and then suddenly they expect it every single day.
Its almost like I get punished for doing something nice for them. Suddenly every afternoon they were whining for McDonald’s and telling me it was only $1 so what’s the big deal?
The problem is that I often cave to the whining and they get what they want. On top of teaching them that they can’t always get what they want, I’ve needed to teach myself that I don’t have to get them everything they ask for.
I usually justify it because it’s cheap, but in the long run, that doesn’t matter. On top of being unhealthy, they need to learn the word “NO” and how to properly behave when they hear it.
Now if they want something they don’t need they pay for it themselves. And just because they are paying for it themselves does not mean that I am stopping so they can get ice cream.
They still need to understand that just because you can afford something does not mean you should buy it.
Why is it Important To Teach My Kids to Save?
#4 Teaching Your Child to Save Money
Teaching kids to save their money is a valuable lesson in financial literacy that is much easier to teach once they are earning an allowance and having to pay for things they want themselves.
Last but not least, I established a savings system. Half of their weekly chore money needs to be put into savings and the other half is theirs to spend as they wish.
To keep things simple I opened up kids’ savings accounts at our bank. I am easily able to transfer the money into their accounts from my bank account, so that is a major bonus; I’m all for keeping things as simple as possible.
To keep things fun for the kids I created a fun Savings Account Balance Sheet for each of them. Now they can easily keep track of their money and watch it grow! You can download the savings trackers by clicking on the photo.
How Teaching My Kids The Value of Money Has Worked for Us
So, have my kids learned the value of money? This system isn’t perfect. My kids didn’t suddenly turn into angels after I started enforcing this. BUT, it made a huge difference!
They really seem to understand how much it takes to be able to buy things. The pleas for random toys and candy has decreased and I can finally see them putting some thought into something before they spend their money on it.
There was definitely a transition period that lasted about a month. They resisted and complained A LOT when I said no. I also had to adjust my behaviors and learn to say no.
I want my kids to be happy and if I can afford it I automatically want to get it for them. But all that is teaching them is that they can have whatever they want without working for it.
I don’t want my kids to turn into adults who think the same way. Sometimes saying no is the best thing we can do for our kids. So far, these 4 easy steps to teach kids about money have really worked for us.
Have you implemented any of these tips? Or have you already been doing something like this? Leave me a comment below and let me know how it’s going.
And please feel free to share any other tips you have on how to teach kids the value of money. Motherhood is tough so let’s all help each other out by sharing what works for us.

P.S. Don’t forget to Pin this on Pinterest so you can save it for later!
P.P.S And please make sure to share on social media if this is something you think your friends or family would benefit from!
Tara says
Yes! I feel the same way. My kids are older, so I’ve got even more work to do, but I’m working on getting regular chores going and I do agree with paying them for it. We’ve been making them save up for some of their “wants” rather than just buying things whenever too. They are slowly starting to get it!
Christina Mott says
I’m glad you liked it! Thanks for reading:)
Sarah says
I am not a mum myself, but I love your ideas anyway. These are great ways to teach your kids respect for money.
Christina Mott says
I’m glad you liked it! Thanks for reading:)
Laurie says
Love this! My parents started teaching me about money at a very young age. They gave me a weekly allowance and if I wanted to buy something, I had to save up for it. This is a big reason I was able to pay off my student loans quickly and now live debt-free!
Christina Mott says
That’s awesome to hear! Thanks for reading!
Mariam says
This sounds wonderful! Your kids are going to thank you when they grow up and know the value of a dollar and how to save! I love the idea of the chore chart!
Mariam
Christina Mott says
Let’s hope so because they definitely aren’t thanking me now;)
daphne takahashi says
I don’t have kids yet but I definitely learn a lot with your post! This is a really difficult matter that I will start thinking abou with my husband! Thanks for sharing your vision on the subject of financial education for our kids. It’s a major topic that needs to be introduced since the early stages.
Christina Mott says
Thank you!
Paige says
All I can say is thank you! I’m a stay at home mom to 3 kids as well and the same ages as yours. Every situation you described is us to a t. I’ve been searching for years and I do mean YEARS to find the simple answers to chores and allowance because I do not want snobby bratty children who turn into adults who have no real world knowledge. This system has already worked more than I imagined in only a weeks time. So thank you for answering my silent prayers!
Christina Mott says
Wow that’s great! Thank you so much for taking the time to come back and let me know! If you need any new chore charts, I recently designed a few more:) You can see them on this post Teach Kids How to Keep Their Room Clean
Thanks again!
Christina
Liz says
I felt like when I was reading this, I was writing this!! It’s so easy as a mom to give to our kids. It’s in our nature. But I absolutely believe in the working for your wants and extras and having responsibility over the household chores. And oh how I can relate to the deep bathroom clean with 3 boys in the house. It’s almost pointless to have white caulking for this reason! 😫