How to Teach Kids about Money

How to Teach Kids about Money

How to Teach Kids about Money - Money and Kids - Tips to Teach Kids about Money - | Tips on - Find TipsIt is important for children to value money so that they do not waste it simply because they do not earn it. It is also important for them to understand how to manage money that is given to them. Here are a few tips on how to do so.

Start with coins. Coins are more attractive in their shiny form for children. It does not need much care like notes do. Teach your child to collect the coins in a piggy bank. You could set a saving goal and make them work towards it.

Explain while you handle money. Children are always watching you and imitating you. So do not keep money all over the place. Explain what you are doing when you write a cheque or use the ATM. Teach your children the pros and cons of using a credit card.

Give your child a weekly or daily allowance which they have to manage. This way they will learn how to manage money intelligently. Allow them to make mistakes, waste their money or lose it. They will learn better from experience rather than you telling them what to do. Once you have used the allowance system for a while introduce long term planning.

Play money games. There are many board games which you can use coins and notes to play with so that your child gets familiar with how to read it’s value.

Allow them to earn and handle money. Be it helping mom and dad or a working summer job, it will help your teenager learn about business and hard work. Let them handle money for a small family event. This will increase their confidence as well because they feel that you have trusted them with something really serious.

Encourage charity. Make your children understand that as much as it is important to save and value money, it is also important to give to those in need or who are not as fortunate as your family.

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