Parents should promote money-saving skills among their children right from the start. It is an essential part of growing up, as it will help them value and use money properly.
Here are a few tips that will help busy parents teach their kids about money
- Help them Earn
- Include them in Financial Decisions
- Clear Jar for Saving
- Lead by Example
- Plan their Budget
- Things Cost Money
1. Help them Earn
Pay them for the work they have done. Fix an amount for the different household chores that they can help you with. These can include taking the trash out, mowing the garden or even cleaning the room. When the kids earn, they value it more than if they are paid for no reason.
2. Include them in Financial Decisions
If they are slightly older, you should include them in your regular purchases. Tell them why you bought a particular item or brand against another brand. Show them how you make a choice, and what role does money play in your decisions. Smart parents teach about money by involving their children in grocery shopping.
3. Clear Jar for Saving
Having a clear jar to save money, instead of a piggy bank, is a good parenting hack. It gives your 13-year-old a visual experience into the amount they have saved. As the money increases in the jar, they will notice that their savings have gone up too.
4. Lead by Example
Children learn by observing their environment. If you fight with your spouse over money or, you show off your money every time you go out, then it sends out the wrong signal. Instead, working moms can show the value of money by showcasing their spending and planning skills.
5. Plan their Budget
Go for something simple, when you are getting them on a budget. Teach them to keep a tab on spending and earning. Ask them to note it down in a simple budgeting app. It will give them a good sense of managing money, and also help them manage their funds better.
6. Things Cost Money
Your kids must understand that every single item that you buy has a cost attached to it. When they want to buy something, tell them how much it costs, and ask them to take the money from their clear jar. It will drive a sense of spending and saving into your child. It will help the kids gauge if the purchase is crucial or not and accordingly spend on the item.
Teaching your kids about money is not a smooth ride. It will take some time and patience. However, money skills for children are crucial if you want them to successfully manage their monetary decisions
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