As sad as it may be, it’s true that nothing is really free. Considering everything seems more expensive than it’s ever been, there’s never been a better time to prepare your kids for the financial world. It doesn’t need to be overly complicated and it can even be made fun for your kids, but there are plenty of benefits in teaching your kids the value of money, even from a younger age. They’ll learn valuable skills like counting but they’ll also be able to appreciate you better when they understand that money can lead to limitations and everything isn’t handed to you just because you want it. It’s an important lesson and one you can get started on today. To help you along, here are some fantastic ways to teach your kids about money.
Most kids are given an allowance on a weekly or monthly basis depending on their age. The amount tends to depend parent to parent, but it’s important to keep an eye on how much you’re giving your child and how much they have left just before their next due payment. It will help you get a gauge on how they manage their money, but if they’re kids, it probably won’t be done very well. But, that’s where you come in.
To really show your kids the benefits of managing their money, it may be worth teaching them about saving. To help you out, there are plenty of resources online to help you teach your kids about managing their finances. With things like the Revolut Junior account designed specifically to help get your kids started in being in charge of their own savings. You should also teach them the importance of having some ‘rainy day’ savings that they shouldn’t touch unless there’s an emergency. There are plenty of advantages to saving and by telling your child if they save they can have that game they’ve been wanting, it’ll shift a gear in their brain and make everything a whole lot easier.
The first suggestion has been a staple of parenting since its invention. Chores are an integral part of most people’s childhoods. It teaches our kids valuable skills they’ll need later in life and gives us a hand around the house. If your child struggles with their chores, it may be worth trying to present them to your child as more of a job, by including a small financial incentive, it will make your child’s work seem more valued and it also means they aren’t just getting money for doing nothing, which can lead to some more negative attitudes.
Open a Mini Shop
With their hard-earned cash, you might take it one step further and open a small shop with the snacks in the house, pricing each item and letting your child have a particular budget for each day. Doing this means you’ll be able to teach your kids the value of money and how to budget their purchases. You’ll also be able to earn your pennies back along the way (considering how expensive it is to run a shop, it’ll be well earned).