Parents are not only interested in their children receive knowledge, and develop specific skills but also learn about the values that are required in a rapidly changing society to provide a meaningful life as human beings. Today, the values are still relevant in the lives of adults and young people and their education and reinforcement are a guarantee for a better world.
Why to Teach Children About Money?
By teaching kids about money, they realize that money is important in society and to learn its management is vital, but always associating it with positive values. Parents and school, along with other sectors of society, must take over the teaching of responsible money management and financial culture.
What is the Best Age to Start Learning about Money?
Since they are small, children should start learning what money is and how to manage it with wisdom and maturity. Children are able to understand the concept of money at the age of four years. During this stage they can establish a relationship between the value of a coin and what they can achieve with it. However, very few parents talk about money with their children.
What does “Teaching Kids about Money”?
Teaching children to handle money is much more than prepare them for a lifetime of work and savings. Some parents do not teach their children how to handle or use the money because they think they should not talk about money matters with children, or believe they have enough money to make it a topic of conversation, or even think it is better than children do not know how much money their parents have.
What Things can you do as a Father to your Child Learn to properly use the Money?
• As soon as children can count, start them in the use of money. Observation and repetition are two important ways in Teaching Kids about Money.
• As children grow, let them know your values concerning money such as how to earn it, how to save it and, most importantly, how to spend it wisely. As in other areas of life, the example is the best school.
• Help them understand the difference between needs, desires and wishes. This will prepare them to become responsible consumers and make good spending decisions in the future. This is a great way to Teaching Kids about Money.
• When you give money to kids, give it in bills that encourage savings. For example, if the amount is $ 20.00, give it in bills of $ 1.00 or $ 5.00 and encourage them to save at least one of the bills.
Teaching Kids about Money
•Take the kids to the bank to open their own savings account. Starting early the habit of regular saving is one of the keys to successful savings, but you do not forbid them withdraw part of their savings if they wish to make a purchase, because this could discourage them completely.
• Use regular purchases to teach the value of money. Grocery shopping is often the first experience of spending. Show them how to plan purchases in advance by making a list of needs, avoid waste and compare prices.
• Let your children make decisions about their spending. Even when they do right or wrong, they will learn from their purchasing choices. Join them in their decisions, not decide for them. Give elements to help them deal with the constant pressure from the media and society, this is essential when you are teaching kids about money.
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