Tuesday September 15, 2020
For parents, it’s not just about surviving 18 years with a kid until they reach adulthood. It’s also about teaching your kids how to be prosperous and capable adults able to cope in the real world on their own. A huge part of this is how to handle and manage your money.
Here are some of the top ways that you can help your children learn the value of money:
- Go Old School with a Piggy Bank — One of the earliest lessons about money that you might remember is putting aside all the loose change you found in a piggy bank. Teach this one to your children as well. Any time they get money from grandma or just find a dime on the street, have them add this to the piggy bank and teach them how just a little bit of money can add up over time.
- Play Store — Another good way to teach the value of money is to use play time. Set up a mini store in your home with price tags. Have the kids practice “buying” these items and counting out the money needed and how much change they should expect.
- Take Them Shopping — When you go grocery shopping, take your kids with you and have them see how much each item is that they want or need. Then, when it comes time to check out, have them count out the money and make sure they get the right change back.
- Wish List Savings — Remember the joy of going through the Toys“R”Us Christmas catalog? That may no longer be published, but you can help them set up a “wish list” using Amazon or a similar website. Then, have them budget their money to figure out how long it will take to earn enough to buy these items. This helps teach them to delay gratification and not “buy on credit.” It also helps them prioritize what they want and what they truly need.
When you look back at your own childhood, chances are there are many things that you wish you had done differently. One of these is probably learning better how to budget your money and save. By teaching these skills to your kids now, you are helping them to become more successful adults when they grow up.