Finance

How to teach kids the basics of finance and money management?

Check out these tips on how to teach your kids how to understand finances, so they can grow into adults that can manage their money properly

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Knowing how to expend and win money is one of the most important skills a person can have in the modern world. Even so, we see that a lot of people don’t understand the basics of Finances.

In order to avoid this mistreatment, is advisable for the parents to teach kids about it, not only because in childhood kids learn much faster, but because that knowledge can help them all their life.

Therefore, here are some tips that can help parents teach their siblings how to deal with money and finances:

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Have a glass jar

This tip is very good especially if your children are in kindergarten. At this age, the visual stimulus is one of the most powerful, so a glass jar can be a very good manner to show how money comes and go.

The first step, put some dollars on the jar and show the kid how it fills it, the more money in the jar, the fuller it gets. This will help you show the power of savings and the benefits of saving money for occasional situations.

The second part is every time your kid wants to buy something, show them you pick the money from the jar and how this makes it emptier. This way, from an early age, it is possible for the infant to understand how money works, in a simplistic manner.

Pay then for its chores

Don’t just give your kids money for nothing. This way, you are wasting a powerful opportunity to show the kids the incredible power of hard work and how it pays off.

So, instead of just giving money to your children for nothing, make a deal for them, for each chore they make, give them some cash for it.

Maybe, in the beginning, they will complain about it, but give it some time, and not only they will enjoy doing the work, but also, they will be looking for more!

If your children want more work, are older and you believe your neighborhood is safe enough, you can encourage them to ask for some work in other houses in exchange for a little payment.

Again, an excellent opportunity to teach them the power of hard work and initiative, crucial skills in the world we live in.

Teach them not to buy from impulse and teach them contentment

These are excellent tips for older kids, and that is the reason they are presented together.

As we grow older, we usually gain a bad manner of buying on impulse. It is primordial to teach the youngers that, before buying anything like that, it is a very good idea to take a deep breath and analyze the pros and cons of buying that.

Another very complicated thing is the famous “John’s parents bought them that incredible stuff, why can’t I have it?”

This is a very special moment to teach your siblings a valuable lesson: They need to understand that sometimes we can’t buy what we want when we want.

But at the same time, nothing stops them from working hard and setting up a goal to work and save in order to buy what they want.

These tips may seem very simple, but believe it, they are very powerful tools in order to help you teach your kids the power of being lord of the money, not its slave.

By understanding that through hard work and smart decisions, a person can pretty much achieve any goal they want, especially financial ones

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