Children are quite fascinated by money as they know that it used to buy things but still they are unaware about it’s importance. So here are 10 ways to TEACH KIDS ABOUT MONEY.
1) Origin
The very first thing to TEACH KIDS ABOUT is to tell them that it doesn’t grow on trees. Tell them about the effort you make to earn that money.
2) Saving
The best thing to TEACH KIDS ABOUT MONEY is to tell them to save money for long term. Buy them a piggy bank so that they can save their money. To show them how easy it is, I am going to start my own piggy bank when I get my tax refund back by putting at least half of it into savings.
3) Earning
In order to TEACH KIDS ABOUT MONEY give them little tasks to do and then reward them with money. This will help them to work in future to fulfil their needs, moreover it will also teach them that how money is earned and how to spend it wisely.
4) Working with budget
The best way to TEACH KIDS ABOUT is to tell them how to spend their money while keeping in budget. If they want something expensive tell them to buy something cheaper and more useful. Giving children a budget will help them to learn about making decisions wisely with money. For example you can give a task to children about budgeting decorating of their bedroom.
5) Lead by Example
Take the charge to TEACH KIDS ABOUT MONEY. Take them to shopping and let them know how you make financial decisions, bargain and eventually end up buying cheap things and of better quality. Compare the price of best brand with a generic brand and then tell them whether the brand was worth the cost or not.
6) Spend wisely
In Order to TEACH KIDS ABOUT MONEY tell them to spend the money wisely. Do not let them buy expensive toys or unnecessary things. Make your child distinguish about the needs and wants. From the very early age make them choose between two different things so that in future they will be better at choosing between items.
7) Children Account
One of the best ways to TEACH KIDS ABOUT MONEY is by opening up their small account in Banks. Tell them to save their money there and whenever they need it, they can take them out from ATM.
8) Decision Makings
In Order to TEACH KIDS ABOUT MONEY is to make them a part of big family purchase like buying a new car or even going on a vacation. Tell them to contribute in these things.
9) Games
Games of Monopoly and Deal or No Deal are the best ways to TEACH KIDS ABOUT MONEY. These games are the perfect example for loss, earning and saving.
10) Donating
One of the best ways you can TEACH KIDS ABOUT MONEY is to tell them how they can help others by donating this money. Take them them to a charity event and let them see those people who are needy for money. It will not only help them realize the importance of money but will also enlighten up the spirit of helping others.
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Great post, Lindsay. We too started very early with teaching our kids about money. A couple days ago, our 7 year old asked us about the bank. He thought one could go to the bank and just get money. So of course we had to explain to the banking system to him. Great tips!
Good post, Lindsay. We should also teach kids that they cannot buy whatever they want at any time. A spending limit should be created for every month and it should be explained to them so that they will get used to the practice of waiting and understand the importance of money.