Start Teaching Kids About Money From A Young Age

Start Teaching Kids About Money From A Young Age

The sooner you start teaching your kids how to handle money, the better. The example you set is important when teaching kids about money, and will influence their future experiences quite considerably. Growing up with a spendthrift may make children quite miserly in adulthood, or see them follow suit. Teach your children early on about working hard for their money, and how to appreciate it and the things it can buy.

There are many ways that children can earn their own money. This is a ueful way of teaching children about money. Young kids can help with household chores until they are old enough to get jobs from neighbors, schools or local clubs. Encourage their entrepreneurial spirit and any endeavors to earn additional income. An allowance, supplemented by extra income they have earned, will help your kids learn how to work with money.

Open a bank account so your child can save some of their income too. Go over their bank statements with them and explain service fees and interest to them. Try to convey the importance of saving with examples and goals they can relate to.

Use your household budget to explain the concept of expenses to your child. Help them create their own budget and savings plan, with a goal in mind. You can even have a competition to see who sticks to their budget better each month! This is a useful way to teach kids about money.

You also need to teach your kids about the value of giving. Encourage your kids to choose a worthy charity and donate to it regularly. This can be as simple as collecting small change in a jar and delivering it the charity every few months.

Try not to get too complicated in your explanations when teaching kids about money, as young children will get bored quickly - especially if they don't understand what you're talking about. Use examples that your child can understand - saving for a car won't mean as much to a five year old as it will to a 15 year old. Most parents find that once their children start earning their own money, they shop more carefully and take better care of the things they've bought - because they've paid for it with effort.

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