Teaching money to kids is not always the easiest task for most parents. For most of us it’s hard to recall how we learnt about money. There is always math class that gives examples of using money to purchase goods in addition and subtractions. The dollar mum and dad gave us to play at the arcade games. The famous monopoly where we all wanted to own every asset on the board!
Teaching children about money can be quite simple. It is easier for children to understand if we make it fun. When you are doing your grocery you can be teaching money to kids. Kids can compare like products and find not just the cheapest out of the lot of products but also learn which is of better value. When it’s visual, children understand much better regarding the real cost of items. Do we buy 1L carton of milk for $2.50 or a 2L bottle of milk for $4.50?
We can make mathematics fun and easy when they start to count. Mathematics is an important contributor to our comprehension of money. This world revolves about money. Our success and failures rely heavily on how we can save or spend this vital asset called cash. The better we understand the role money plays in our life the better prepared we can be in making the most of it.
Financial education for kids does not existence in our education system. Besides a children’s saving account in primary school I don’t think we have been encouraged to save beyond this point. We live in a materialistic world where everyone wants the latest craze. Everyone has a limited income but unlimited list of expenses. It’s up to parents like you to teach your children about money. Parents need to be upfront with its importance in their life and their children’s life too.
Teaching children about money should be started at home. Parents need to show kids all the denomination of cash in our society and how they use it to pay for their home, bills, food and gifts. Parents need to show kids how to save so when there is an emergency or special occasion they can draw off this saving.
Money has a role to play in children’s life as they are always exposed to new toys and games. For them to get hold of these items they will ask their parents for it. In turn mum and dads will have to fork out the cash to pay for these items. If financial education for kids is provided early, kids will have a better comprehension of an item’s worth. They may decide if an item is better to be purchased now or when it’s on sale. They may even work out that another item may be of better value. This is all through educating them on money and how they can make it more worthwhile.
Encourage your child to start using money effectively. Teach Kids About Money Start today to enhance your child’s financial future. Make it a responsibility with educating your children about money.