Educating children about the importance of money and how it is necessary in the family life is an essential part of bringing up children. It is never too early to teach them the value of money.
Finance Advice for Young People
Children have a very short span of attention and so the topic of money should be introduced to them in a very interesting manner.
Tips to Kids to learn about money
• It is ideal to present a piggy bank to each child with his/her name on it. Children are possessive by nature and the concept of having their own money will make them respond positively. They must to save money daily by dropping a coin in the bank daily.
• Next the kids should be involved in small money transactions. They can be made to pay money to the shopkeeper’s and take the change back after checking the bill. Kids enjoy the transactions and working in the banks, hence their visit to the bank of and on will be beneficial. They need to be talked about how money is earned, or rather they should be paid for some help they have done in the house.
• The child’s saving to buy something of interest should be encouraged. This could be by adding more to the amount saved. This is to teach a lesson in setting goals and how to achieve faster. This gesture will encourage them to continue.
• The children should be explained or demonstrated the relationship between work and money. Pay them for small performed by them like washing the car, watering the plants, taking the dog for a walk, tidying up the room and other help to others.
• A young girl who loves the art of nail painting can offer her services in the club and paint other people’s nails.
• The idea of recycling will teach many other things than just the financial aspect. It will teach them to make the house clutter free and to become environment friendly. This also teaches them that what is considered as waste can also be used for a good purpose.
• Grandparents belong to the group who has faced many hurdles in their life… They have lived from hand to mouth and still completed all their responsibilities to educate and bring up their children. The most important money related tip and the value of money a grandparent can teach is to know the difference from what is needed and what is wanted. They teach the kid to control his desires and live on what is available. Thanks for watching. Please help us grow.