How To Teach Our Children The Value Of Money

Money is unfortunately a need in our society. Sometimes in life, there are moments when you cannot buy toys or products for our children when they ask us. We, as parents, are going to prioritize the payment of bills, food, clothing, among others.

For this reason it is important to teach our children the value of money. If we do not educate our children about the value of money, they will not know the value of things. However, we must understand that the financial concepts that children can take varies depending on their age.

We must also understand that the ability to earn and manage money that they will develop will influence their ability to establish and achieve their financial goals in life. Unfortunately, the value of money is not a subject always taught at school, then your children’s attitude towards money will be particularly learned in the home.

Here are some suggestions that may help to teach your children the value of money:

1. You can give your child a piggy bank where they will fill it with coins and paper bills received from their parents or other family members, etc.. It is important to do that when your child is old enough to know how to count coins and paper money. They also will have fun seeing it fill up over time.

2. You can open a bank account for them too, and we can explain how interest will help grow their savings. Also, we know the accounts that exist for children and the minimum amount for opening such accounts.

3. You can help your child develop a simple budget plan, and advise them to keep their receipts and invoices, so they will know where there money goes. This way, if the child wants to purchase a bicycle, they will know how much money is needed to buy a bicycle. It is a choice to learn the value of money and how to save. So when you go with your child to buy the bike, you can encourage your child to watch prices so they can compare prices.

4. You can help them gain work experience. For example, when your child reaches the age of 12 years or so, they can take a little summer job, for example delivering newspapers. This experience will enable your child to face the world of work and to make connections between work and earning money.

5. You can teach your child to respect the most disadvantaged. For example, you can encourage your child to donate a small amount of their savings to charity. You can donate clothes already used in organizations such as Salvation Army, etc.. This will allow your child to be more tolerant and respectful towards the disadvantaged.

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