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For many families, talking about money is taboo. The adults make it, the kids ask for it, end of story. Yet financial experts agree that understanding cash, credit, and consumerism is possible, and important, for building a sense of financial responsibility in children. Womenlines will share various ways in future how we can develop money sense in our children.
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Take an active role in providing them with information. Observation and repetition are two important ways children learn. -
Communicate with children as they grow old about your values concerning money how to save it, how to make it grow, and most importantly, how to spend it wisely. -
It is very important to help children learn the differences between needs, wants, and wishes. This will prepare them for making good spending decisions in the future. -
Setting goals are fundamental to learning the value of money and saving. Nearly every toy or other item children ask their parents to buy them can become the object of a goal-setting session. Such goal-setting helps children learn to become responsible for themselves. -
Introduce children to the value of saving versus spending. Explain and demonstrate the concept of earning interest income on savings. -
Consider paying interest on money for children to save at home; children can help calculate the interest and see how fast money accumulates through the power of compound interest. Later on, they also 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. (contd)
5 Ways to teach kids about money!!
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