There are several ways you can teach your children about saving money and finances. And you can never start too early! It’s so very important that your kids learn how to effectively handle finances. And the sooner, the better. With that said, do you know that YOU are your child’s number one example? They will do as you do. So, with that in mind, I hope you (as a parent) practice what you preach. If you preach one thing and do another…not good!
Tips to help children learn the value money and effectively handle finances
1.Give your kids an allowance. This will help with responsibility as well. For example, if your child sweeps out the basement every week, they get $5 for the job. (of course the amount is at your discretion).
2. Buy your kids some kind of a piggy bank. I suggest one that you can’t get money out of unless you break it. While you’re at it, buy yourself that very same bank and let them see YOU put money into it.
3. Sit down with your kids and explain the family’s finances. Do this by showing them the savings account and also all expenditures (including all utilities). Show them everything! Show exactly what comes in (the family’s total income) and what goes out each and every month.
4. Take your child grocery shopping with you. This one won’t amount to a hill of beans unless you stick to your guns and DON’T buy everything they point to and want! Depending on age, explain the general process of shopping and having enough money to pay for various items.
5. Explain how much it costs to keep your kids in school. Children are expensive! Show them how much their school clothes are to purchase as well as the everyday school supplies. Explain how fast all these items add up.
6. Teach your kids to compare price shopping. This one is an important one, as it’s very easy to buy on impulse. Take some time with each child and show them bargains. A good example for this is purchasing items in larger quantities.
7. Play the cash register game with your kid. Make this fun with some creativity. You can use food items or other items in your kitchen. Set the prices for like 50 cents, or whatever and teach your child how to count money.
8. Take your children to yard and garage sales. This tip can be tons of fun, especially if you are a super bargain hunter.
9. Take your child to the bank and let them observe while you set up a savings account for them. (if you have not done so already). If you have, then set up a separate account…perhaps a savings account for a special vacation. By doing this, you are encouraging saving money.
10. Teach your kids to clip coupons. Coupons DO add up if you actually take the time to search for and clip coupons.
Copyright © Tammy Embrich , Moms of Faith, All Rights Reserved.