How to teach your child value for money

The hardships of ‘bringing the cloud down to earth’ for children never seem to cease. Be it your kid’s loved Belgium chocolate, Barbie doll or an Ironman robot. The kids’ nagging is universal and upraises an ardent wish of parents — how to make them understand the difference between needs and wants? Or how to teach your child the value for money?

So to encourage financial responsibility in kids, you may adopt these five meaningful approaches:

  1. Buy a piggy bank

While the concept of saving might be too abstract for a child, starting from the scratch could help. Get a piggy bank for your little one. Make him/her learn to fit coins in the slot and this will eventually evolve into a tool to help them learn the value of saving or perhaps being rewarded for a task.

  1. Introduce monetary system

“Reading, writing, arithmetic ” — too sad that notebook excludes personal finance. Most kids learn the basics of money at a school level. However, they won’t learn how to manage money, thus implying that it is up to parents to prepare the child to face adulthood life’s fiscal challenges.

  1. Take time for local shopping

Maunder in a market for home goods with tiny tots for some involvement. Initially encourage them to choose a bunch of apples and lastly let them hand over the cash to the hawker. Ah! Remember to bargain for enhancing awareness of high priced items available at hawkers and vendors. This practice will surely aid to witness the market economy in action.

  1. Don’t bring a world to little ones

The sentiments to provide everything for your little angels lies with every parent. Clearly, children after watching TV ads or while hauling in a supermarket would presumably annoy for materialistic things. However, fulfilling needs is quite not the same as balancing their vast desires. So, don’t fulfill all their wishes; don’t buy the world for them. Make them learn the concept of ‘earning’ it.

  1. Help your child to set goals

Is your child dying to visit Disneyland? Does he/she have to have a trampoline? Well, agree on their long-term goals also start funding a jar, where your children can help to deposit your loose change in the “pot” and can contribute part of their allowance time to time. This will not only influence the family to function as a team, but also “bring joy to saving.”

It’s unrealistic to expect from your children to develop a mature attitude towards money like your own. Things won’t change in a fortnight.

Children will have their own journeys with money, but they can benefit from these subtle lessons along the way. At least at a minimum, thirty years from now, they won’t be the one that whispers “I wish someone had told me this sooner.”

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