Knowing how to spend money, manage money, and appreciate the value of money are the basic lessons to help children become more mature and brave in life. However, wise parents should also raise their children about this issue from an early age because it is never too early to learn how to manage money
Only when your child is educated about how to manage money can help your child become a financially responsible person. Let’s start with 7 basics lessons below to give our children a stable future.
1. The money will not come naturally
In such difficult economic times, you should teach your children that everything we enjoy must be exchanged with labor. This doesn’t mean that you should pay the kids to do the housework – because living in a clean house would be more comfortable, right?. Encourage them to self-employed their own small businesses, help them prepare a sale to sell off their warehouses or weed in the neighborhood gardens of their neighbors when they are old enough.
2. Consider what your children need and what your children want
It is difficult for children who can identify their own clear goals. Normally, they will waste money on things ” suddenly like” but very quickly bored. To deal with this situation, take the time to sit and make a list of items your child wants to buy, then talk gently to why they want to buy or they should be bought. Doing so will help children become better aware of their personal goals while avoiding spending money in the wrong way, causing unnecessary waste.
Children need to understand that we need always take precedence over what we want. If they want to buy a new toy or a video game suite when your family’s financials are in trouble, explain that money is limited thing, things like food and clothes should be given priority.
3. The power of patience.
Put a rule like this: “For every 10 dollars you earn, save at least 1 dollar”. Buy your child 3 piggy banks and stick 3 labels: “save”, “consume” and “give”. Do not force your children to put money into “giving” pigs but teach them that there are more poor people than us, so giving a little money will really make sense that they can do it.
Consider the quantity of cash they save monthly and let themselves be surprised by the ability of patience. Explain that you simply even have to avoid wasting money as they are going to travel or park
4. Shopping based on quality
When your children have learned basic maths, take them to buy food with you, and teach them how to bargain. Show them the identical items at two different prices, then ask them what they think you must buy more.
5. Can’t have everything
Surely everyone wants to own luxury things to serve themselves or even “brag”. However, you cannot deny the fact that buying everything you like will lead you to a severe financial crisis. Take your children to a toy store, give them $ 20 and allow them to buy whatever they want, as long as everything they buy costs only $ 20. Besides, sometime parents should guide children to choose appropriate toys for the purpose of educating children. There are many educational toys to choose from. So what would be best for your child to play while learning?
6. Old furniture = New money
When your child’s clothes become tight or they are no longer interested in old toys, plan a liquidation sale. Take this opportunity to throw away things you no longer need and sell what you can, then give away the rest.
Teaching children how to save a certain amount of pocket money to make charitable donations which will help them to share more with the people around them – especially those who are in more difficult circumstances than themselves. There is no have to directly ask your children to donate, but they’ll help them better understand the less fortunate lives through some true stories, arousing deep empathy. Only then suggested donate money to help them.
At Christmas, head to volunteer programs like Angel Tree or Operation Christmas Child. Ask your children that do they like to receive gifts?. When they say yes, explain that many other families cannot afford to buy gifts for their children. So, find a present to convey to the less fortunate. Take your child to a toy store and suggest things that children of his age like, then give your child a small sum of money to buy gifts for this friend. Surely your child will soon be grateful for what life has brought them and can become a tolerant person when growing up.
To do that, parents must always have a sense of nurturing happiness and joy in the family, positive thinking. Besides, you need to respect and avoid affecting the psychology of children, even if they make mistakes. Alternatively, if you want but anything for your child, you can visit Couponupto.com. This is a great place where you can get nice clothes or shoes for your kids at the best price. This site offers many discounts and coupons to customers.