Tips for Teaching Your Kids the Value of Money

We all had that moment with our kids where we’ve had to turn down their requests to buy yet another toy or sugary treat. When met with defiance, we’ve likely informed them that money doesn’t grow on the trees. If it did though, we might never learn to save properly for a rainy day.

Teaching your kids the value of money is a very important lesson, and the earlier you start, the better off you and your children will be. Here are some tips to help them learn the value of money.

1. Give your child an allowance

Even small children can earn something by helping to pick up after themselves and putting away toys. You don’t need to give them lots of money for these tasks at this point. Just allowing them to earn something will teach them more responsibilityand help them understand how to save money.

2. Give your child a piggy bank

  

Piggy banks are not only cute but they are also great tools for helping your child to learn about saving. Plus, they can put what they’ve earned for allowance into it.

3. Take them to the bank

The next time you need to make a deposit or withdrawal from your bank, take your child along with you. Explain to him/her in kid-friendly terms what the bank does. This will make them excited to save their money in the bank.

4. Set up a savings account for your child

    

Make your money work for you and your child by opening a savings account in their name. Ideally, do this when they are very small so that it builds up over time. When they are old enough to understand, have them deposit some of their allowance earnings into their savings account.

5. Let them buy something with what they earn

After your child saves up enough money, allow them to use some of it to buy something they want. You can help them see if they have enough for what they want or not and encourage them to save even more for the things they want.

6. Pay with cash

We tend to overspend when we use our cards. When we use cash instead, it forces us to stay within our budget. This will help you stay responsible with finances as well as teach your children how to be responsible too.

7. Set a good example

Do you always go buy coffee when you could easily make it at home? Spending money on things you don’t need every day sets a bad example for your child. Show them the difference between a treat once in a while to daily habits that waste money.

All you need is this book to teach your child better “ A dollar for penny

Nguyen Kinh Luan
I love to travel and have taken time to experience life in many countries. I made this website to share useful information with the community. If you have the same hobby, please connect with me. I wish you success! Best regards!
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