Top Ways To Educate Children About Money
September 23rd, 2017
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We all know that it is important to teach children about money. They clearly think that all mums have secret money trees in the garden that grow never ending cash. That's when you realize you have to educate them before they send you straight to the poor house.
Make a chore chart
Give your kids a chore chart with a breakdown of a small amount of money that they can earn for doing chores around the house. It's up to you, based on what you can afford. It doesn't have to be much, what you're trying to teach here is twofold. First, that you can earn money by hardwork and second, that the little bits all add up. So, the next time they are in the store and want to "only" spend 50p on a toy, they can see how their money can quickly go away if they are not careful.
Open a baNk account
Help your child open a bank account. If you already opened an account for them when they were babies, teach them about it. Take them to the bank, have them meet a banker and show them their balance. Then, have them deposit an amount of whatever they earn from their chores. Give them a book to write their balance in and help them add for each deposit so they can see their bank accounts grow!
Give them motivation
If your budget allows, let your child choose something they want to work towards earning. Then, help find them jobs around the house or at the neighbors' homes that can help earn them some extra cash. They will feel so proud of that toy when they finally earn it!
Let them go grocery shopping with yOu
One of the best ways to teach your children about money is to teach them what you do! Give them a budget to stick to and then take them grocery shopping. Show them how to choose items that are on sale and how to make a grocery list. They will learn about choosing items of equal value for lesser price and how to get the most out of their money.
Hopefully these tips help keep your money tree hidden and some money in your pocket!
Hopefully these tips help keep your money tree hidden and some money in your pocket!
Let us know some tips you have used to help educate your children about the importance of money!
Natalie x
