Top 5 Ways To Teach Your Children About Money

Sep 21 • Family • 450 Views • Comments Off on Top 5 Ways To Teach Your Children About Money

Educating your children about money from a young age is a great way to teach them about life lessons and the importance of finances. While I’m not saying that your children should believe that money is everything, they should be taught the value of currency and the benefits of saving. Teaching kids the importance of saving money can often assist them in creating healthy spending habits for the future. Read on to discover some great ideas for teaching your children about money.

Smart Phone Apps

In today’s modern world of technological advancements, children are learning to use smart phones, tablets and computers from an incredibly young age. Many people believe that these tools are a great educational source, so why not make the most of your smart phone by downloading some fun money apps for kids. With what seems like an endless supply of various apps available, you’re sure to find something your children will enjoy and you’ll also be teaching them valuable lessons at the same time!

Pocket Money & Chores

Teaching children about the value of money, throughout their growing years, is a great way to instil positive behaviours within them. While educational games and fun apps are great for younger kids, once your children reach an older age, you may need to take a more proactive approach. If children need to work for their money, they will be more likely to appreciate its value. Reward your children for everyday household chores by providing them with pocket money or an allowance. When your children have to buy their own toys or favourite magazines, they will soon begin to understand the importance and value of savings.

Free Online Tools

If you’d prefer to keep your children away from your smart phone, there are also a number of free online tools available. With children now spending hours on their computer for home work or social interaction, parents should make the most of this time by introducing their kids to online finance tools. The internet has a certain way of captivating children, allowing you to educate them with the most up to date information about money.

Educational Games

For many children, talking about money can be very boring and repetitive. If you’re looking to teach your kids a valuable lesson (and one that they’ll remember) try introducing some fun, yet education, games. Mathematics CDs are common in various stores and providing a great starting point for younger children. Helping your children to understand numbers creates a great learning platform for the development of financial education.

Open a Savings Account

Opening a savings account for your child is an excellent way to teach them about the value of money. While you will control the account, your child will be able to see their finances grow as they make regular deposits. Parents often implement a system where they increase their child’s pocket money by a few dollars each week, allowing the child to deposit this into the account.

Teaching your children about money will allow you to instil positive life lessons within them. Spending behaviours and appreciation for the value of money can begin at a very young age, so make the most of this opportunity to educate your children.

Tara writes for many popular news sites and blogs about finance, business and travel. She says that while it may not be necessary to teach your children about things like debt consolidation or the stock market, every parent should make sure their kids understand the value of money and the importance of saving.

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