Want your children to become more financially responsible? Want them to understand the real value of money? If yes, then read on to see how you can expose your kids to the right concepts when they’re already young so that they can learn the importance of financial responsibility…
1. Begin Small
The moment you see your children showing keen interest in coins, you should know that they’re ready to grasp the needed financial basics. It’s a fact that children as young as four are not only able to recognize coins but are also able to count them.
Begin with activities such as helping your child figure out the number of coins that would be needed for a treat. Discuss the price of different items as you go through the store. Once you find them comfortable or okay with coins, move on to “dollar bills” and have them count and pay the amount to the cashier when you’re out shopping.
2. Keep it Simple
The skill of money management doesn’t have to be complicated. It’s a skill that can be learned like any other skill that you want to master. And since you’re teaching it to your children, understand that it will take some time for them to grasp it.
This is why you should keep things simple so that the children have fun learning it, rather than getting discouraged. Mix learning with fun, and watch as their interest in the whole ‘money management’ subject grows. For example, if you’re buying camping gear for a family mountain trek, then use something like the Campmor coupons to get discounts – it’s an easy way to show children how money can be saved.
3. Start Early
Don’t wait too long to start educating your children about money. Start early by handing over ‘age appropriate’ allowance. How you decide on the allowance depends on a number of factors such as your child’s age, your budget, etc. You’ll notice that some of the children are able to grasp money concepts such as budgeting, saving and spending fairly quick. While the others require practice time to grasp it all.
A good lesson in money management is learning how to manage a weekly or monthly allowance. Even if your kid is six year old, you could give a weekly allowance of $2 as young kids are more open to listen and obey what the parent’s say. You can then increase the allowance as the the age and responsibility grows. The idea here is to start early and gradually increase the allowance you give so that your child learns with time.
4. Spend Some, Save Some
As a parent, you are an example for your children, which is why it’s important for you to spend a little and save a little. By adopting this way of living, you will have your children follow you, and adopt to your policy.
Taking our previous example about using Campmor promo codes for getting discount on buying camping gear, what you’re basically doing here is saving a little money and spending some. There are many such ways that can bring into practice to set a good example for your kids.