How do you teach your ten-year-old about money? There are a lot of different ways to approach it, but subtlety is the key. Teaching kids at an early age about how to be responsible with money and understand its value will help them become more successful in life because they'll have a better understanding of financial security. Below are ways that you can subtly teach your child about money without making them feel deprived.

Avoid Impulse Buys

To keep your kids from impulse buying, teach them the importance of savings vs repaying debt either through skits, infographics or books.

You can also help teach them contentment by modeling behavior yourself- don't go out and buy a new car every time you come into some extra money, for example.

Set an Example

The first step to teaching your child about money is by setting an example for them. If you are not discussing finances, budgeting, and other financial matters as a family or in the home, it will be challenging to get kids on board with this new lifestyle change.

 You may have heard that "actions speak louder than words" and this is especially true when it comes to teaching children about anything in life. So when they see their parents practicing what they preach, they'll feel more connected emotionally and intellectually, which means they will be more receptive and open-minded towards these changes! 

Show Them Cost-Cutting Habits

Cost-cutting strategies needn’t be a chore. Ideas like cooking from scratch rather than relying on takeouts, for example, are both enjoyable and healthy. You can visit www.foodbackwards.com to find a host of affordable family-friendly recipes. There is no question that great food tastes even better when you have prepared it as a family. DIY home improvements and repairs will also teach useful cost-cutting habits that will serve your kids well for life.

Give Commissions, Not Allowances

The mentality of an allowance is that you're "owed" something for performing a task or job around the house. On the other hand, a commission gives them responsibility and ownership in their work, leading to greater motivation than just getting paid for doing things they have to do anyways. 

Stress the Importance of Giving

It is important to stress the importance of giving. An excellent way to do this is by actually teaching them about charitable organizations and how they can contribute, either monetarily or through volunteering their time. 

Teach Them Contentment

Contentment is a state of mind. So, your children need to be content with what they have. When you talk about finances, communicate the importance of giving back in some way—whether through donations or volunteer work. 

Teach your kids how to spend wisely by setting an example yourself and making sure they know there will never be limitless funds available for them at all times. You'll also want to teach them how to save money so that when they do get older, they can invest in whatever their interests may be without having any worries about finances.

Communicate Regularly About Family Finances

Parents should communicate with their kids about the family finances. Talking to your children about money and what it means for them can help build a strong relationship between parent and child. It's important that you don't talk down to your children or overcomplicate things, but instead speak in age-appropriate ways which are still informative enough for them to understand concepts like, spending wisely, and saving up for something they really want. 

Conclusion

In conclusion, teaching kids about money allows them to be financially literate. Additionally, teaching them contentment rather than materialism will help avoid impulse buy impulses which can lead to a lifelong debt load.