How do I teach my kids about money?

If one of our children has lost or broken something by being irresponsible — such as their school eraser or swimming goggles — they’re expected to pay for the replacement. They are also expected to put aside most of their money for a specific item they wish to save for. So, a chore system is something that you and your child can work on in exchange for pocket money or buying a replacement of the item which they broke. Examples of doable chores would be:  Making own bed, feeding the pets, watering the plants, emptying the dishwasher, setting the table, or clearing the dinner dishes. Of course, the tasks vary as they grow older. A 10-year old can already be assigned to cook one dinner a week or be trained to shop for ingredients.