Money management is an important skill in our lives. Unfortunately, our schools rarely teach our kids about money. As a parent, it is your responsibility to teach your children the importance of managing their finances.
How can you teach your kids about money?
Save Money with A Jar
Using a piggy bank is a nice idea, but children can’t picture how much they have saved. However, with a glass jar, your children can actually see their money growing. This will build their interest in saving money.
Be an Example
Money habits of children are formed by observing the adults around them. So be a good example of how you manage your money. They’ll likely follow your example when they grow older.
Explain Where Money Comes From
Always explain to your kids where money comes from. Make them understand that money doesn’t magically appear from your wallet but from the hard work and sacrifices you have made.
Explain That Everything Costs Money
Show your children that everything costs money. Take them to the store and let them personally experience the process of making a purchase.
Give Them An Allowance
Give your children an allowance based on the chores they do like taking out the rubbish, unloading the dishwasher or cleaning their room. This will explain to your kids the fact that money is earned.
