5 ways to teach your children about money
In school, kids learn how to read, write and count. At home, what they learn goes beyond the basics and ultimately, will be the foundation for their values and beliefs for a lifetime.
While little kids don’t have to worry about how their clothes and food are being paid for, it’s important to teach them about money so they grow up to be grateful and financially aware. Using the five tips below, you can begin teaching lessons on the value of money at a young age.
Use A Jar Or Piggy Bank For Savings
Starting when your kids are young, use a physical container for them to keep their money in. Whether you are rewarding them for good grades, or they find a quarter behind the couch, give them a place where they can put their money and let them watch their savings grow.
Make sure to explain to them what it means to save, and once in a while, give them the opportunity to buy something they’ve been asking for with their own money.
Include Your Kids At The Cash Register
Most parents know that taking your kids to the grocery store can be a pain and make the trip last much longer than it should. But, if you bring them to a store and they want to get something specific, explain to them how much that item costs. Once you’re at the cash register, count the money needed to buy it and have them hand it to the cashier.
Another way to teach the concept of paying for goods is to make dinner-time an imaginary restaurant. Make your child the waiter and once the meal is over, hand them pretend money and ask for change back. You can also reverse the roles and have them count the money they need to pay.
Make Them Work For It
Teaching the value of hard work is a lesson every kid should learn throughout their childhood. Whether you have a chore chart or create things for them to do around the house when they want something, helping them understand that money doesn’t grow on trees will do them good in their teenage years and beyond.
Once they realize that they have to work hard for something, they’ll be even more grateful for the things you do give them.
Set Clear Boundaries And Lead By Example
Sometimes being the parent isn’t fun. You may want to give them everything they ask for, but can’t afford to do so. It’s important that you set boundaries and say “no” sometimes and explain why. One lesson that seems basic, but can be hard to teach young children, is the difference between needs and wants.
If you explain that you’re just going to the store for something you need, but make a separate, special trip for an occasion like a birthday or to reward good grades to pick out something they want, the concept will stick.
Teach Them To Care About More Than Money
At the end of the day, we don’t want our children being motivated solely by money. It’s important to teach them that there are invaluable things like love and health that we should be grateful for, and you can’t buy them with money.
In addition, explaining what charity is and the importance of helping others will allow your kids to see there’s more important things than buying the newest gaming console. Give them money to drop in the basket at church or take them to a food shelter to hand out meals and explain the reason we help others who aren’t as fortunate.