Today – How to Teach Your Kids About Money
It is important to teach your kids the concept of money and savings from a young age as this is something that will stay with them throughout their lives.
We understand that earning and saving money comes with responsibility, so it is important to teach your little ones the best ways to manage their money alongside teaching them that money is a reward.
How to Teach Your Kids About Money
Today we’re going to be talking you through a few tips and hints to help your children get accustomed to earning and saving money, all whilst making it fun and easy. This is all part and parcel of how to raise independent kids
Money doesn’t grow on trees
It is important to first make sure your children understand where money comes from so that they become familiar with the concept. If you as their parent or carer have a job, explain to them that this is how you earn money and that money simply doesn’t grow on trees. In turn, this will allow your children to earn a healthy understanding and relationship with money. If you want to teach kids how to handle money, check out these 5 games to teach your kid about money.
Set up a pocket money scheme
Implementing a scheme to allow your children to earn pocket money in return for completing chores in and around the house is a great way to introduce your children about earning for themselves.
There are so many things your children could earn for such as taking out the trash, unloading the dishwasher and vacuuming the carpet, not only does this allow them to earn some pocket money and save up for that toy they have been wanting, but you get your housework done for you!
How to Teach Your Kids About Money – Get them earning
House chores aren’t the only way you can get your little ones earning themselves some cash. Fun things like a good old fashioned lemonade stand or bake sale are great ways for them to get a little extra in their back pocket. Furthermore, why not have your children offer to help out neighbors on the street by cleaning their cars or sweeping their lawn.
Organize a garage sale
A garage sale is a great way to help your kids earn some money but helps you get rid of all of your clutter laying around the house.
Have your children sort through all of their old toys, clothes, etc and you can see them for a few dollars each, giving the kids a percentage of the earnings, this is a great incentive and gives your children a real concept of making money.
For older children, a part-time job is a brilliant way to start becoming familiar with the concept of making and saving money. Whether it be at your local fast-food restaurant or grocery store a few hours at the weekend or after school will soon start to see money piling up.
Another way for older children and teens to earn a bit of extra cash is to begin tutoring. Allow them to utilize their knowledge of subjects such as maths and literature by tutoring other children from school or the neighborhood.
Teach your children about budgeting
Your children may be receiving money from part-time jobs or pocket money from the likes of grandparents, but it is important to teach them the importance of budgeting this.
For example, if your child is being given $10 per month from a relative, reason with them to only spend $5 of it so that at the end of the year they will be left with a lump sum that they can use to treat themselves to something bigger and more expensive.
If you would like to learn more money-saving tips, then check out this helpful link from Crediful.
How to Teach Your Kids About Money – Summary
Teaching your children how to have respect for money is a skill that will take them throughout their lifetime and they will thank you for.
Although it is something that all parents and carers need to do, teaching your little ones about the concept of money and saving doesn’t have to be regimental and strict, implementing a few of the ways that we have suggested above allows for the teaching process to be relaxed and fun.
We hope that we have given you a few tips and methods that you can introduce around the house to begin teaching your children about money if you have any tips that you think we have missed out or that others may find useful be sure to comment down below and pass on the knowledge.
As always, use the handy links down below to share this post on How to Teach Your Kids About Money with your friends and family!