As a parent, it is your responsibility to teach your kids how to manage their money. If you don’t, someone will and this is not something that you want your kids to experience. When kids are old enough to keep their own allowance or lunch money, or maybe a monetary gift from their godparents, you must teach them how to handle it. If you have no idea how to do it the right way, then this article is definitely for you!
You must remember that what you teach them will depend on how old they are. So here are some tips that can help you with this goal:
Preschool And Kindergarten
Some would think that this is too young to start lecturing about money. It actually isn’t as long as you know how to make them understand the value of money. For kids this age, start with using a clear jar to save. As they save, your kids will see how their money is growing. You should also set an example.
Elementary To Middle Schoolers
At this age, your kids would be able to weigh their own decisions and have a full understanding of the possible outcome. You can also give commissions, and not allowances. You give them money based on the chores that they do around the house. Simple chores like taking the trash out, cleaning their own room, and even mowing the grass. Help them put up a lemonades during their sembreaks or during summer. This is one of the best examples https://www.kidzania.com.my/.
Although this is the age where kids have a complete understanding of the value of money and the difficulty of earning it, this is also the time that they get bored with money-making activities. Your previous tricks won’t work with them anymore. This is when you can start giving them the responsibility of a bank account. Do this by getting them to save for college. Also teach them why they should steer clear of student loans.
Let them develop a simple budget and do not allow credit cards. Teenagers nowadays have plenty of free time. However, the prefer to spend it leisurely by hanging out with their friends, or being up to date with social media. If your teen want some money, help them find a job. In fact, you can help them how to be entrepreneurs! Use the internet and social media to their advantage. It is time to teach your teenagers how to start up a small business, maybe something that they can do online, and turn it into a profit.
It is important that you teach your children about money at any stage of their life. Remember that this is going to require your more time and patience, but don’t worry, all your efforts are going to pay off. If you want your children learn how to successfully manage their own money sooner, it will be easier for them to do so as they get older.