How To Teach Your Kids About Money
Teaching your kids about money is very important. What you teach them in childhood will follow them throughout their lives. If they learn good money habits early, they’re more likely to have a successful budget when they’re adults. Alternatively, if your kids don’t know a lot about money, they might make budgeting mistakes when they move out.
I want to believe I am teaching my children good money habits. They watch me do my monthly budget, make purchasing decisions, review our spending habits, and make cuts where we can to save money. They have been given the responsibility of having their own money, a bank account, and the ability to make choices about what to spend their money on.
My two older girls, Abby and Hailee, have both saved up and purchased their own laptops in the past. It was something they wanted that was a big purchase. It gave me the opportunity to teach them that when there is something of high value you want or need, you will have to save and sometimes make sacrifices in order to get it. In our home, while we can afford to buy our children what they want, we feel it is better for them in the long run to learn that in life things don’t always come easy. That sometimes you have to give up spending in one area to have money to save for those special purchases.
How To Teach Your Kids About Money
If you are ready to teach your kids about money, I have some great tips below you can use to get started. Remember to make it fun no matter their age, they will be more likely to intake the information if it is not so mundane.
If you’re going to teach your kids about money, it’s best to start early. If you expose your kids to money and budgeting early, they become used to it so that it is a part of their everyday lives. When learning to count objects, have your toddler count change. If your toddler wants a toy from the store, let your toddler help you count out the money to pay. This kind of exposure is a simple way to help teach your kids about money.
Play with It
If possible, get your kids some fake money that they can play with. You can also buy toy cash registers that come with money. Playing with money and setting up a pretend store is a great way for your kids to learn about money. They’ll have so much fun and won’t even know that they’re learning.
Let Them Earn It
As adults, we have to earn our money. Your kids should also have to earn their money. By earning their own spending money, your kids will quickly learn the value of their work, as well as the fact that fun things don’t come free. They might have to do dozens of chores in order to earn enough to buy a favorite game.
Set Money-Saving Goals
Setting money-saving goals is another great way for your kids to learn about money. If your kids are younger, you’ll want to set smaller goals, such as earning enough to buy a candy bar or going to a movie at the theatre. As your kids get older, they can set larger money-saving goals. Once they understand more about money, you’ll also want them to include a savings amount in their money-saving goals.
Are you teaching your kids about money? What are some of your best tips?
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