Teach Kids the Value of Saving and Budgeting Money
Do you want your children to make the same mistakes with money as you did? Naturally, you want your children to learn from the mistakes that you made when you were young. If you learned the value of saving your hard-earned money the hard way, you should teach your children about the value of saving and budgeting money.
Instill good habits in them now, before they have to find out on their own. They may still make mistakes, but those mistakes will be their own. As a parent, sister, brother, grandparents, your job is to prevent them from repeating the past. You need to educate your children on money by teaching them the following things:
· Start Teaching Them at a Young Age
Children are fast learners, especially at a young age. You should start teaching them the value of money by playing games with them. Provide them with money to use around the house. For instance, you give them $50 in fake cash, telling them in order to get anything from the fridge; it will cost them $5. Carry on this activity for a week to teach them how to spend money wisely. This will teach them how to budget money, which is good practice for the future.
· Tell Them about the Importance of Money
It’s time to take out the children into the real world. Take your child to the grocery store, give them a cart, and tell them the amount of money they can spend on groceries. Take them to every aisle, even their favorite one to let them pick out an item of their choice while staying within the allocated budget. Do not help your child and let them make their own errors if they go over budget. Just repeat the exercise the next day.
· Teach Them about the Importance of Earning Money
Do not give your child an allowance if they didn’t earn it. In the real world, they wouldn’t be getting any allowance, but will have to work hard for it to get it. So, why not make them work hard, starting from now? You can assign your child with different chores and for each chore that they complete, award them with money. The harder they work to get the money, the more they will value it.
· Show Them Opportunities to Save, Spend, and Invest Money
Give them a piggy bank and tell them to put in $5 from their allowance each week. By the end of the month, they will have around $20 saved up. After three months, they will have $60 saved up. The joy on their face when breaking the piggy bank will be a delight to see. You can help them invest money as well. Open a bank account for them and encourage them to put some of their allowance in there. They will be glad that they did, as they will not touch that money, until they grow older and by then, it will be a lot of money.
In what way, do you encourage your children to save? Do share with us below!
A Selection of Money Quotes
“Enough is better than too much.” ~ French Proverb
“Money should be mastered, not served.” ~ Syrus, Maxims
“Soon gotten, soon spent; ill gotten, ill spent.” ~ John Heywood
“A man’s true wealth is the good he does in this world.”
~ Bendixline
“I want the whole of Europe to have one currency; it will make trading much easier.” ~ Napoleon I
“Men do not understand how great a revenue is economy.”
~ Cicero