Savings and Spending: 4 Ways to Help Your Kids Learn to Manage Money
manage money
Children should learn that there’s a lot more to life than money, but they also need to learn how to set themselves up well financially so that they can enjoy the other riches that life has to offer.
Teach your children about saving and spending early with these 4 ways to help your kids learn to manage money.
Talk About the Cost of Things
Many parents don’t want to burden children with finances. However, that may be the wrong way to go about it.
It’s okay to talk to children about how much things cost. It’s also valuable to explain things like coupons and sales.
Summer Camp
Summer camp is a great opportunity for children to develop independence, socialize, and have fun. It’s also a great opportunity for children to learn about finances.
Camp costs money. Talk to your children about how much camp costs well in advance and then save up for summer camp together.
Be sure to start well in advance, as your child won’t earn enough quickly enough unless you start early enough.
As you plan to save, talk about how much money you’ll need every week or month.
You’ll also need to talk about where the money will come from.
Allow Children to Earn Money
Your child needs to learn that they need to work to earn money. There are numerous debates as to the best methods when it comes to children earning money.
Some parents agree with paying children an allowance for chores around the house while others disagree.
Other options include things like selling lemonade, doing yard work in the neighborhood, and paying children for involvement in volunteer programs in the neighborhood (almost as if it were a job).
Children will learn that money comes when they work. They will also learn that sometimes income isn’t as reliable as they’d like.
They will also learn how to get creative about earning money.
Use Financial Tools Aimed Toward Children
There are a lot of new tools that aim to teach children more about money and how to earn and save.
Take advantage of the tools available to you, such as the Green Light app. You can monitor your child’s finances and set clear goals together.
If you teach children good financial habits young, they will take these habits with them later in life.
Not only will they learn how to develop a stable homestead for their children, but they’ll teach the next generation the same thing.
Category: Family Finances
