As any parent knows, it can be incredibly frustrating to deal with children when it comes to money. They have little understanding of the true value and cost of things. When it comes to wants, needs and must haves, this can get overwhelming. There is no set time that is best for teaching your children about money. As soon as you feel they are capable of understanding certain aspects you can get started.
Start off small by teaching them the different bills and coins. This is also a great way to introduce numbers and mathematical learning to your kids as well. Show them how the coins are different sizes and thicknesses so they can establish the difference between a quarter and a nickel. A coin holder that is designed to hold certain coins in their own size appropriate slot will make learning fun as they drop coins into the right holder. This is a good time to teach numbers as well as kids learn the difference between a penny and a five dollar bill.
Children should always have a piggy bank or some similar type of money saving device they can drop money into. Kids feel special when they have something so important entrusted into their care. Take your child to pick out their piggy bank or create one together during craft time at home.
Don't wait too long to open a bank account for your child. Whenever they fill their piggy bank, take them to put the money in to their account. As the numbers add up they will feel excitement and you as a parent will feel relief knowing they have something to look forward to starting their life with when they become adults. A bank account will make a huge difference when it comes to significant savings.
As soon as your kids are old enough to know about money and that it is needed to buy things, they should be earning their own. Give them chores to do that they can earn some money for. Not only does it foster their work ethic, it also teaches them the value of that money because they worked so hard for it. Children that earn their own money at a young age are less likely to spend frivolously.
When your children do come to you and ask you to buy toys or treats, there are times when you must insist that they buy it with their own money. This may make them think twice about how bad they really need that item. If you are too quick to buy things that your children should be earning on their own, it could effectually cause them to expect it in their later years as well. Don't spoil your children. It does them more harm than good.
Teaching kids about money is both necessary and beneficial. In the busy economical world we live in, it is something we all must learn to use effectively or risk it using us. Plant a strong seed in your kids when they're young and it will pay off greatly as they grow.
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