You are working day and night to meet ends and secure a bright future for your kids. You want to provide all the facilities to your children which as a kid you wanted to have but could not avail. Why not! But in the process, it is important to make kids aware of the most crucial thing which makes the world go round and that is MONEY, honey. If you have not till now, then consider ways to teach kids about money!
Strong Kids, Healthy Kids - $1.99
Retail Price: $2.99
You Save: $1.00
from: RedShelf
 |
| Teaching kids about money is really important. |
Money matters are an important aspect of living. Parents often keep the issues relating to money and it's saving with them. And the children remain unaware of how their needs and wishes are met and from where the money comes to fulfill these demands. As a result, the kids are not able to learn about some hard aspects of their life; firstly the hardships suffered by the parents to provide a happy life, and secondly the importance of money management.
17 Ways to Teach Kids About Money
Teaching money matters may seem to be a difficult task for parents. But it is not so. The concept of money can be introduced to a child as soon as she learns to count! And as the child grows older she can be taught about different denominations and coins and which coin is bigger than the other. Later the parent can move over to the concept of earning money by way of doing a job and spending it on needs.
You can make your child learn about money and its importance in the following ways-
1. Take an active interest in teaching the money concept to the child and give him or her information about currency and coins.
2. Inform the child that by way of money, important daily items of the house can be purchased.
3. Take the child along for grocery shopping and show him labels and prices of various items. Also, teach him to purchase things wisely so that money is not wasted on unnecessary items.
Strong Kids, Healthy Kids - $1.99
Retail Price: $2.99
You Save: $1.00
from: RedShelf
4. Educate him to differentiate between needs and wishes and help him to prepare his shopping list on the basis of mandatory items required for his daily needs.
5. Provide allowance to kids based on weekly or monthly needs. Ask him to jot down his expenses so that he can keep a track of inflow and outflows of money on his own.
6. Make him save a small amount of money out of his allowance. Provide him a piggy bank wherein he can save his coins.
7. Avoid associating allowance with the fulfillment of daily house chores by the kid.
8. A teenager can be further taught about the importance of saving money and the need for a bank account. Accompany your growing teen to the bank to make him learn about various bank transactions.
9. Involve the growing children in open decisions on finances and ways to make vacation trips and purchases like A/C or refrigerators as economical as possible.
10. Encourage the child to donate old toys and clothes and other articles so that these are put to good use. In addition, encourage them to be a part of charity programs, raise funds for a cause, and provide basic amenities to needy people.
11. Make the child aware of the pros and cons of taking loans, and the uses and side effects of debit/ credit cards. This would help him to understand the usefulness as well as the downside of every situation.
12. Show them the opportunity cost of their action. In case, they spend their allowance recklessly on video games, remind them that the same amount could have been saved for their dream visit to Disneyland.
13. Another interesting way to teach the importance of money saving and mindful spending is to download apps that calculate costs for kids, reinforce value of saving and much more.
14. Help your teen child to earn money in simple ways like teaching to younger kids, summer jobs, selling crafts/ artwork, etc. That is a brilliant way to demonstrate that earning money does not come easy.
15. Contentment is another important aspect. Build a sense of satisfaction and gratitude among your kids for what they already have and value the priceless things that even money cannot buy.
16. Help the kids to understand how purchase offers, deals, weekend offers, festive offers, sales and discounts work to get the best deals when it comes to online shopping. Show them the prices available at nearby market and compare with the online offers. Evaluate all aspects of both kinds of shopping and choose which serves the best prupose.
17. Demonstrate healthy behavior towards mone aspects yourself. Remember kids are observing when you spend a lot on not necessary things or when you fight with your partner on financial issues. Let them instill the right value for money through you.
All these steps will make the child money conscious and prompt him to save money and use it judiciously. The money management concept will have lifelong benefits and protect the child from financial hazards throughout life.
Related post-
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.