Kids and Finances

Everyone that have a kid know how difficult is to teach children the value of money, but there are somthings we can do to do this:

1. Teach children the value of money: At school children learn math, aritmetics, etc., but they don´t teach them the value of money so it´s up to us to give them that knowledge. Is not easy but we can start as soon as they understand enough.


2. Earlier is better: They are many benefits on teaching the children earlier. In the short term they will learn about how to save money for the future, how to make smart purchases, and understand the true meaning of investment. In the long term they will learn to avoid accumulating debt, and they will be able to plan for financial security.


3. Where does money come from? When children are little the only thing they understand is that money came from the pockets of mom and dad. But when they notice you can´t afford buying everything they want they start asking questions. So instead of telling them that money doesn´t grow on tress, explain to them that you earn money working, and you only can spend the money you earn. So they will understand the value of working.

4. Children and Allowances: many parents think is better to paid your children for doing chores around the house so they will know that hard work means getting money. Other think that if you pay your children for doing chores you are teaching them to be irresponsable. Whatever your position is try to paid your children an amount of oney every time they do some extra chores like washing the car, or doing the garden.

5. Make saving Interesting: A very simple way to teach a lesson about saving is using a piggy box, a shoe box, a jar, etc. Teach them to save so they can be able to buy something they want.

6. Banking and Investment: When your children have save enough money take them to the bank and open an account. Teach them what banks do. When your children is old enough explain how he can get more money if he invest correctly in a business.

Maybe you think is to early to teach your chlidren the value of money, but the soon you start the better he will be in manage his money, and he will find all the good things of developing good haits from the start.

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