Parents today typically spend a lot of money to meet their children's needs and demands, yet they still feel they haven't done enough. Instead of merely agreeing with all of their requests and demands, how about teaching kids the fundamentals of money?
How about raising their knowledge of money's value and importance? Instilling in children a sense of financial worth When it comes to teaching children the value of money, parents might begin by limiting their child's pocket money based on his or her age. Involving children in household chores and rewarding them with money as an incentive is a classic approach of teaching kids the value of money while also helping them learn basic skills.
These activities also teach youngsters virtues like as helping their parents and elders, as well as the fact that money is earned via hard effort. Second, youngsters could be encouraged to share and donate a portion of their pocket money to the less fortunate.
Donating even Rs 10 to a person in need of food causes people to appreciate their own luxuries and empathise with others. Children should be taught how to spend and save money properly. Games involving money, such as Animal Crossing or Monopoly, where players own assets and pay off debts by doing various actions in the game, are one of the simplest and most interesting ways to teach youngsters about money.
Reading decent, well-written books about money is also a fantastic method to get solid knowledge. Books for young children between the ages of 5 and 15 are available, such as David Shwartz's 'If You Made a Million' and Marcus Weeks' 'Heads up Money.' Budgeting may be a very efficient strategy for both adults and children when it comes to saving money and eliminating waste. Teach your child to keep track of their daily, weekly, and monthly costs by having them write down how and where they spend their money.
Budgeting can be done using an app, excel, Google Sheets, or even a regular notebook. By the age of three, children can grasp basic money concepts, and by the age of seven, they have established long-term money habits. As a result, it's a good idea to get started as soon as possible. Instead of lecturing their children about money, parents might use practical advice to assist their children develop a positive attitude toward money management.
(This is a slightly modified version of an article originally published in Family Education. The original article can be found at https://www.familyeducation.com/life/money-kids/teaching-basic-money-concepts-children)