Teaching Kids About Money Through A Debit Or Credit Card
Teaching Kids About Money Through A Debit Or Credit Card
Teaching kids about money is very important. Today in this life children should be aware of the value of it and how much it is needed. They will have to realize that we can not get anywhere without it and that it is an important factor. Children need to know that it is very good to know how to budget. Budgeting is a great factor. No one knows when something unexpectedly will come up and it usually does when you are low on funds and trying to make it last.
This is where a lot of kids make mistakes they see there parents using a credit card and there thinking that they want one. They don't realize that they are borrowing this which means the lender is expecting it back every month until it's paid in full. They think that when they walk into a store and charge the card that would be it. Parents need to explain to their children that this is not how it works and if you can not afford to pay it back then do not bother with getting one.
Saving could be the best thing that anyone could possibly do. Most people have problems with this which means that they can not hold on it for long. They literally let it burn a hole in their pockets. What children can do to save is start a piggy bank.
Having a piggy bank is a great idea. Saving change is a great start and then they may eventually start saving bills. When saving up change you do not realize how fast it will add up. No one fully understands how change can make a huge difference.
This may also give the child the security on how to spend and balance there money. If they are planning to go and buy something they already know how much to spend they will not go in the store picking up everything. They can say to themselves okay i have this much money and i need this. This is so they only pick up what they will need.
A lot of the time people go into the store and plan to go in and get what they need and do not come out with it.