With an ever-growing problem of debt in this country, it is vital for us as parents to break this vicious cycle. We need to take the time to teach our children just how important money is and how they need to use it. If you want your children to be financially independent as adults, then there are vital lessons they should learn growing up. Here are some tips in how to teach kids the importance of money.
Introduce money at a young age– As soon as a child can count, then they should be introduced to money. It may be as easy as just telling them what money is and what we do with it. Answer any questions they may have about money. Children definitely learn by observation and repetition. These are great ways for your children to grasp anything you are teaching them.
Talk about money– Every time money is involved, you have a great opportunity to teach your children the values of money and how to use it. Don’t overwhelm them by always talking about money, but make sure that you portray the importance of it and teach them the wisdom that you have learned throughout the years so they will less likely make your mistakes. Every time you purchase something at the store, invest, or donate, this can be an opportune time to teach your children something about your values.
Communicate-Communicate with children about your values concerning money. Help them learn the differences between needs, wants, and wishes. If you can teach these crucial lessons, then this will prepare them for making good spending decisions in the future.
Set goals-Setting goals is essential to learning the value of money and saving. Most people rarely reach goals they haven’t set. For every toy or other item that your child may ask for can become a perfect time for a goal-setting session. Goal-setting helps children learn to become responsible for themselves.
Open a bank account-Around ten years old or sooner, you should teach your kids the importance of a bank account. At this age, kids are old enough to have a real bank account. Make sure to explain how banks work so your child doesn’t get worried that his money is disappearing and they will never see it again. Taking your child to the bank to open an account is a simple way to introduce them to saving money. Your child will learn how savings accounts work, and they will enjoy taking their money to the bank to make deposits. You can even open an online account with them.
Teach investing- Teach your child how saving and investing works. Have your child save at home and calculate the interest and see how fast money accumulates through the power of compound interest. Later, they will realize that the quickest way to a good credit rating is a history of regular, successful savings. Some parents even offer to match what children save on their own.
Pay for optional chores- Everyone in the family should have chores to do to help complete the work that needs to be done around the house. It is good to pay your children so they can have money to work with to learn these valuable lessons. If you want to pay your children, only pay them for optional work that you assign them if they want.
Keeping good records-Show your children how to keep good records of money saved, invested, or spent. This is another important skill that young people must learn. If they don’t ever keep track of the money they are spending then they will eventually get into major financial trouble. Show your children how to keep receipts from all purchases in a safe place and keep notes on what they do with their money.
Enter to win $100 gift cards weekly & a grand prize to our Town Hall Event in Atlanta!a Rafflecopter giveaway
Also On HelloBeautiful:
Celebs Tweet Their Thoughts About #JusticeForSandraBland
1. Jesse Williams
#SandraBland's treatment while attempting to travel freely on HER public roadways has been acknowledged as unlawful. She is already dead.
2. Taraji P. Henson
"SAY HER NAME #SandraBland"
3. Ava DuVernay
"'Why are you arresting me?' Because you know your rights. Because I can. Because no one'll believe you. #SandraBland"
4. Kim Kardashian
#WhatHappenedToSandraBland We need answers!!!! This is NOT ok! This is all shady! They need to own up to this & tell the truth!
5. Jussie Smollet
"A loss 4 words. #SandraBlandMatters #BlackLivesMatter 👈🏿tell me this should change once the nation shows that we do. "
6. Snoop Dogg
🙏🌹. Sandra. Rip. 🌹🌹
7. K. Michelle
R.I.P to this queen. This could've been any of us. My prayers go out to her family. #sandrabland https://instagram.com/p/5fvlO_AhCf/
8. Gabrielle Union
SAY HER NAME!!! #SandraBland #SandraBland #SandraBland #SayHerName
"We must get to the cause of #sandrabland death because this CANNOT happen again #deathorfreedom"
10. David Banner
"When will we fight back. A man's duty on earth is to protect women and children. Where are the gangsters? Preachers? We need you. Please."
11. Nicki Minaj
"Rest In Peace #SandraBland"
12. Talib Kweli
"We the people ask @LorettaLynch to investigate #SandraBland #KimberleeRandleKing RETWEET "
Signs. Signs. Signs all around us. The Message is Here. #SandraBland
14. Missy Elliot
"When I look at the #SandraBland traffic video it brings so many emotions😳😢😡😡😤!"
15. Jessie J
"God bless your soul Sandra | #sandrabland | Change needs to come |Justice needs to be served | Heart… https://instagram.com/p/5fV79mQ0aw/ "
16. Jackee Harry
"It's time y'all, it's time.." #SandraBland #BlackLivesMatter
"In memory of #SandraBland these things don't make no kinda sense "
18. Holly Robinson Peete
I really don't look forward to having ANOTHER difficult conversation w my kids tonight...but here we go again😧💔 #SandraBland #SayHerName 😢
19. Jeffrey White
Sadly, doesn't matter by whose hand she died. Unjustified arrested set the outcome in motion. The state murdered her. #JusticeForSandraBland
Sandra could have been your mother, sister, aunt, friend or if she wasn't killed the community outreach advisor A&M. #SandraBland
21. Joan Smalls
"My heart is broken. Sending my deepest condolence to her family and friends. May you find Strength, Peace and Justice. When will this stop? #EqualityForAll #RIP #Why #SayHerName
22. Gladys Knight
Sandra Bland.... #SayHerName #SandraBland
23. Cara Delevigne
Things need to change NOW #SANDRABLAND #Justice #Equality
24. Meek Mill
"Rip to that young lady that lost her life about a traffic stop! 🙏 ima make sure I pray for her and her family! 🙏😄😄😄"