Value Money: Why Is It Important To Teach Children?
The sooner you teach your children to value money, the sooner they are ready for adult life. When children are small, money is not an essential part of their life. Nonetheless, this is the best time to teach them how to value money . This will help them have a healthy and balanced relationship with this resource.
Importance of teaching children to value money
When it comes to teaching children to value money, it is not just about opening a bank account and teaching them to save. It is about showing them that they must value their savings and that they must earn certain privileges. This will help your children to be less selfish, stingy, spendthrift and selfless in such a materialistic era.
Furthermore, it is one of the fundamental pillars in a child’s education, as it helps him to be more sensitive about the importance of saving for the home economy. In this way, they are allowed to assimilate how much it costs to buy the things they enjoy day after day. As a result, it’s not always possible for him to get everything he wants.
Educating them about the value of riches is of great benefit. A child who knows how to value money will be more able to deal with his limitations without feeling frustrated.
Six ways to teach your child to value money
Teach your child what money means and its true value. When he’s shopping with you, show him the prices of things. Even if it is small, as it grows it will be able to understand the difference between what is expensive and what is cheap. Show him the importance of having a budget and its benefits. Thus he will understand that he cannot spend more than what he has.
Explain that there are people who have more money and can afford to buy things that others cannot. Nonetheless, even if they have a lot of money, there are expenses that need to be limited.
Furthermore, they must know that their happiness does not depend solely on wealth. The following tips will help you instill these ideas in an easy way.
Give him the example
Remember that children are like sponges that absorb what they see. They are always attentive to the way you behave. Therefore, if they perceive that you spend excessively and buy things that you do not use, they will imitate you. We therefore understand that the best way to teach your children to value money is through your actions.
Give them housework
Adults work to earn money and children need to know. They have to understand that what they have they have to earn. An easy way to teach him this is to give him simple household chores like clearing the lawn.
When they collaborate in the activities you have assigned to them, reward them. You can make a schedule of tasks and set pocket money for some of them. In this way, they will understand that to get a reward you have to strive and wait. This helps you develop self-discipline and tolerance.
Teach them to save
Once your child has their own money, it’s time to teach them the importance of not spending it all. One way to help him is to buy him a piggy bank to save a portion of every pocket money he receives.
On the other hand, if the child is ten or older, you can open a bank account for his savings. Logically, you will be managing the account, even if the money belongs to your child.
Encourage him to set realistic goals
To motivate him to save money, encourage him to set a goal of what he will buy with what he is accumulating. In the same way you can propose to take a course or a trip with his savings. This will excite him and at the same time teach him the value of saving.
Nonetheless, you don’t have to impose anything on him. Rather let him choose based on his preferences. What you need to do is offer suggestions and support his decisions.
Children feel great satisfaction in earning money and in achieving a goal. This will motivate them to save on other occasions.
Create a budget
Tell your child about the benefits of setting a budget and making sure that their money matches the expenses. Making a plan of what he will receive, spend and save in a month will help him be disciplined.
Help him find offers
By the age of ten, your child will be able to understand the numbers and quantities. When you are shopping, ask him to tell you his opinion on the various product offerings. In this way, he will value the convenience of each product and will feel happy for having contributed his opinion.
To conclude, keep in mind that in order to teach children to value money, you must be the first to have a correct view of this resource. In this way, they will know how to appreciate what they have and will understand the value of striving for it.
