How To Teach Your Kids Financial Responsibility [Video]

Here’s a video from Calgary father Jim Sicotte that shows the system he uses to teach his 2 kids about money management and financial responsibility.  His system is simple and effective in teaching his kids to budget using a series of jars to put their money.  x% of their weekly allowance gets split among the jars based on a pre-defined budget.  As long as the kids keep the system they have a lot of freedom in where they spend their money.

This is a great lesson for kids to learn some financial responsibility.  I speak with a lot of adults every week that could learn a lesson in budgeting from these kids.

I’ve also run into parents (mostly older) that do not discuss money matters with their children at all. I think this is a huge mistake – parents should actively teach their kids about money matters, making money, going into debt etc.  Your kids are not being taught financial classes in school or daycare – where do you expect children to learn financial responsibility if you, the parents, don’t teach it?

Some other financial learning resources for kids

Enemy of Debt – A Basic Plan to Teach Financial Responsibility
Famzoo – Virtual Family Bank
Financial Peace Jr. Book – Teaching Kids About Money

Please leave any comments, tips and suggestions that you use to teach your kids financial lessons.  Post them in the comments section below or on the Facebook page.  Hopefully we can help some parents and children out with this.

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Leave A Reply (4 comments So Far)

  1. Sandra
    1032 days ago

    I totally agree and thank you for this information you have shared…I would encourage any parent to teach their children about managing finance at an early age. keep up the good work!

    • admin
      1021 days ago

      Thanks for your comment Sandra.

      I checked out your website and I think your Financial Fairy Tale books are very cool. All the best :)

  2. pony
    1044 days ago

    What a great point. I rmemeber in high school having to teach my classmates how to do algebra and calculus because they just didn’t get the way the teacher explained it.

  3. LanyGibbons
    1056 days ago

    This is some good advice. I don’t know how or why kids these days just don’t know about how to manage their money. We use a system sort of like the one in this video except we use envelopes instead of jars. I like his idea about having a charity jar. We don’t have one of those but I will be adding it now.

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