Ways to teach our kids about money

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Money is important to perform in life, daily activities. Our living, clothing, the food we eat, our vehicles, education, health; everything is dependent on money. The wiser options you choose to spend money, the more you can save.  Learning to save is a significant money habit. It teaches children to be disciplined and also delayed gratification in life. Learning to save money from childhood will help a child to make better financial decisions in future

Most of the parents want their children to be capable of making better financial decisions. But the truth is that they often forget to make themselves knowledgeable about the value of money and savings.  Making children aware about the importance of money and the need for savings is noy a big deal. It can be done in some simple ways. Here are some ways to teach our kids about money :

1. Start with incomes an allowance

Giving kids pocket money is a first way to train budgeting and saving. Even higher? Giving them an opportunity to earn money via tasks. Kids can without difficulty draw close the fundamentals of incomes budgeting and consuming by easy sports in discussions.

Providing children an allowance supports them creating financial knowledge. The main purpose is to engage your children in determining from their errors and seeking to manage how they use their allowance entirely. 

2. Encourage your children to make money through work

Building or helping your child find opportunities such as earning money through activities they are engaged in is an excellent way to explain the importance of hard work. It also serves to disperse the assumption that they have the right to take whatever they need.

Support your children in growing up with a list of responsibilities or jobs they can do to pay. Make sure they can do tasks and that they will help your children learn and develop skills. Such projects may be perfect for growing children by completing regular responsibilities such as wearing up for kindergarten, maintaining their bed, or just finishing homework.Taking on these responsibilities and earning maintenance are a significant first step in developing your child for the job.

3. Start money discussions early

At an exceptionally young age, children can understand the concept of more than just a little. You can notify your kids of the financiers as soon as they can calculate.They would have counted the change as a way to expose them to cash. Build two collections and let them show you Which one has the most extraordinary coins, and which one has the few?

Once they know the value of each currency, the same game becomes a major challenge: What is the most significant change? You will be ready to establish this fundamental information in the future.

You can also support young kids to see the cost tags in the market and read to them what it indicates for the item to be sold.You can describe why you are buying at a discount market or why you are purchasing several things in bulk. As they grow, you can make them. Determine the cost of each unit to obtain out which one is the most suitable.

4. Teach your children to be generous

Help your children to understand that giving is better than receiving. Whether you are educating your children to give to needy friends or distribute to a site, this is an essential lesson that will inform their concept for the future.

Ask your children to choose a topic they are interested in and set a goal of giving money to a generous foundation that concentrates on that subject. They can then set out part of their monthly allowance or money for their work to save for their generous giving goal. This illustrates the significance of saving and the satisfaction of giving.

5. Involve them in big purchases

It doesn’t matter if your child’s age is less than 10, you have to bring them to the market and  should involve them in purchasing. If you have your own business or shop, you should bring your  child to your business place and teach them the value of money and how to become financially independent. It plays an important role in  becoming financially savvy kids.

6. Help them to create the budget

Help your child to create the budget. In this way, they can track the expenses and the amount  they left and also track savings. It also teaches them to make better decisions regarding money. Creating a budget will help them to save more for the future and to understand the value of money and the need for saving money.

Conclusion

Saving money helps in growing money by investing. Teach kids to build wealth by teaching them about investment. To help your children develop good savings and spending, they should learn from you how to make saving choices and smart spending. Cutting the long story short, parents should practice the things they lecture and preach it with consistency. With these simple actions, every parent can help build a solid financial foundation and teach children good personal finance habits to become adults who think about money.

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28 Replies to “Ways to teach our kids about money

  1. Teaching kids about money has become very important. Today, kids are getting their demands fulfilled very easily. To them, it is about one click for add to cart and next click for checkout. Delayed gratification is not in their dictionary. As parents, we need to teach them the value of money, the hard work that goes behind those earnings.

  2. These are great tips Jyoti and I follow most of these steps with my girls. It is always better idea to start early and involve kids in shopping and budgeting process. also, effective and positive communication is key to explain them the importance of money management at young age.

  3. Beautiful post! We have been practicing most of these with my son since he was a kid. Now, as a 16-year-old college-goer, he is wiser with money than we ever were! Thanks for the tips I will surely share them with my friends.

  4. Wow this is a very nice post and very good pointers. It is important to teach kids the importance of money and how they can manage from at early ages. I hope every parent can start to teach their kids.

  5. Those are some great tips to make kids aware of the value of money. I also taught my sons about savings and investing money at their early teenage.

  6. I also advocate that we need to teach our kids how to start saving and basic financial advices. I like the practical tips you shared for this.

  7. That’s definitely a unique perspective. I haven’t started teaching my kids yet how they should handle money but I can see that stage to be coming soon. My son is already 13 and will soon start asking for pocket money. We will have to teach our kids to become future ready.

  8. This is a very important topic to teach our kids about the value of money. I too have written similar topics like this on my blog. You have shared very important points

  9. Once the child starts understanding understanding a bit about money it’s about time to talk to them and involve them in money matters. I now tell my daughter if a thing is expensive and how we can plan the buying and and how it needs to be taken care of once bought to make it worthy the price paid.

  10. My parents have been quite open to me about their financial state and I too have tried to make my kids understand it. Compared to our generation kids these days have everything at their fingertips and hence to make them understand the value of money is very important.

  11. I think point 4 is a little tricky as my daughter is capable of donating all my money to charity if I tell her to give friends who are needy. But nevertheless, it is important to teach them about money especially to earn it through working.

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