Most of us make a serious financial mistake in our adulthood and it seems like very hard to fix it. Money management is one the most important lessons in our life that we all are taught in schools. Finally, the question is that how we raise financially smart children when we don’t know about money management? How to pass the money-saving skills that we don’t have?
Here are some ways to teach the money management skills to your children of any age group:
Give Some Money To Your Children To Manage:
We wouldn’t involve in a debate about whether money can be given to children or not. But it is a most easier and effective way that they start learning the value of money. There is no need of huge dollar amount; even a dollar per week is enough to start. Your children will start looking at the prices everywhere. Can they buy the toy with the dollar or not? Then think how much dollars they want to save to buy that toy? It is a great beginning lesson of money management for your children.
Budget Management Lesson:
Teach your child about money saving lesson and value of every earned dollar! One of the best tips is to set aside 3 jars: 1 for spending, 1 for saving and 1 for charity. You can decide the percentage of the dollar that goes into the jars make sure that the jars are clear and inside money will be visible. Your kids will be seen that week after week, the saving jar is actually growing in money, this concept gives them a lesson of money management as well as money saving habit.
Teach Price Comparison:
While your children saving dollars for their new toy, tech them to used deals online and offline. Tech them about deals, coupons, discounts and price comparisons. Let them gone outside and check out different stores for the best price. It is the best way to teach them about bargaining shopping.
The habit of Charity or Donation:
Try to develop a habit of donating a portion of their allowance to charity. It gives them a lesson that money also used to help people, rather than just buying materialistic things.
I wish that I learn money management lesson in my class or my parents would be taught me some important points about money saving. Unfortunately, I learned my lessons very late. I hope parents now have a money management lesson to their children and make them a financially responsible person.
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