How to Teach Your Children the Value of Money
There are many ways to teach your children the value of money. They also need to learn how to properly spend their money. You can use the following suggestions to teach them them that hard work is what will get them more money.
1) Chores, Chores, Chores!
Chores are one of the best ways for children to learn the value of money. You can assign a dollar value to each chore. Soon, they will learn that the harder you work the more money you will make. This is essential knowledge to impart with your kids in order to raise a fiscally conscientious child in today's world.
2) Respect the Dollar
Are your kids impervious to working? If so, then teach them a lesson. For example, if your kids are constantly asking for money, then let them have it. However, only give them a small amount each week. Tell them that is all they will get unless they wish to work. If the kids start complaining about running out of weekly money, then tell them they can earn more with chores!
3) Let Them Shop
Let us pretend that you and your family are at a fun store or an amusement park. Your kids want everything from toys to candy. Tell them they will get a certain amount of money to spend as they wish. However, when it is gone, then it is gone. This will hopefully teach them how to pick and choose what they buy. If not, then it will be a great lesson in learning to find the best deal!
4) Investing and Saving
Kids often feel the need their money right away. However, this is not a great lesson to learn when they want a big ticket item. Teach your children how to save and invest. Tell them to split their allowance into two parts. One part they can spend now on whatever they like. However, tell them that they should put the rest away to save for the expensive item they want. This will teach your children how to save for things. They will also learn that they cannot come running to you every time they want something.
In conclusion, you must start teaching your children about money at young age. You will be teaching them a solid understanding of saving and working with basic concepts they can comprehend. Thus, they will have these lessons for the rest of their lives.
There are many ways to teach your children the value of money. They also need to learn how to properly spend their money. You can use the following suggestions to teach them them that hard work is what will get them more money.
1) Chores, Chores, Chores!
Chores are one of the best ways for children to learn the value of money. You can assign a dollar value to each chore. Soon, they will learn that the harder you work the more money you will make. This is essential knowledge to impart with your kids in order to raise a fiscally conscientious child in today's world.
2) Respect the Dollar
Are your kids impervious to working? If so, then teach them a lesson. For example, if your kids are constantly asking for money, then let them have it. However, only give them a small amount each week. Tell them that is all they will get unless they wish to work. If the kids start complaining about running out of weekly money, then tell them they can earn more with chores!
3) Let Them Shop
Let us pretend that you and your family are at a fun store or an amusement park. Your kids want everything from toys to candy. Tell them they will get a certain amount of money to spend as they wish. However, when it is gone, then it is gone. This will hopefully teach them how to pick and choose what they buy. If not, then it will be a great lesson in learning to find the best deal!
4) Investing and Saving
Kids often feel the need their money right away. However, this is not a great lesson to learn when they want a big ticket item. Teach your children how to save and invest. Tell them to split their allowance into two parts. One part they can spend now on whatever they like. However, tell them that they should put the rest away to save for the expensive item they want. This will teach your children how to save for things. They will also learn that they cannot come running to you every time they want something.
In conclusion, you must start teaching your children about money at young age. You will be teaching them a solid understanding of saving and working with basic concepts they can comprehend. Thus, they will have these lessons for the rest of their lives.
Karen Treska writes about parenting, savings, and home insurance quotes.
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