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Tips On How To Teach Children About Money |
Here are some tips on how to teach your children about money: 1. Teach children how to count. While they can learn this from school, it would be best if they learn this from you. Once they learn how to count, you may also introduce them to money by showing them bills and coins in different denominations. 2. Teach tem how to identify needs from wants. Food is a need while a new child educational toy is merely a want. Help them identify what is more important from the not so important. Explain to them that most of their money should be spent on food, clothes, medicine, school supplies, home, etc. 3. Teach them how to save. You may give them money to save and not to spend. Explain to your children the value of earning interest. As a reward, tell them they need to save whatever money they receive to buy a bigger toy. This way, they can understand that money should not be spent right away for more important and greater expenses. Most kids may not understand but the opportunity to buy a more toys with their savings can be an offer hard to resist. 4. To encourage saving, give your children money in different denominations. If you give them 10 one-dollar bills, they should save 2 bills. If they do this in a month, considering you give them $10 per week, explain to them that they can have an extra $8 to spend at the end of the month if they save. Their savings must be placed in an attractive purse like the KidKraft Purse Money Box --an attractive storage that will surely help instilling positive saving ideas. 5. Tell them to keep track of their expenses. You may tell them to write down their expenses, make a budget, or use separate envelopes. Doing so may teach your kids and help them realize how they spend their money. 6. Teach them how to shop more wisely. When going to the grocery, make a list of what you are going to buy. You may ask your children to also make a list on their own. Remember that any unplanned purchases may result to having your money not spent wisely. Stick to your list. Your children may even spend the money they saved to buy candies or anything they want. Tell them to stick with their decision and not buy anything else. Teaching your children about saving may be difficult as most parents themselves don’t know to save. But remember that it’s never too late to learn. If you think you may not be the best models in handling expenses, just think about how teaching your children may prevent them from doing the same thing. These simple tips on teaching your kids about money are sure to teach them about making decisions for a better and brighter future. |
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