Everyone would like to teach their child to manage their money.
You don’t want your child to be one of those people who can’t control their money. Here are some easy ways to help your child cope with money according to his age.
Preschool and primary school age
1. Prepare a transparent jar for savings. Piggy bank is a great idea, but it does not give children a visual idea of what they have collected. If you use a transparent jar, they witness their growing wealth.
2. Give a personal example. The little eyes are watching you. If you waste money or argue with your partner about money and they witness it, you will definitely be noticed. Set a healthy example.
3. Show them that things cost money. You have to do more than just say, “It costs $ 10.” Help them take a few levs out of the jar and buy something with them, as they personally pay at the checkout. This will be more useful than your 5-minute lecture.
10-12 years old
4. Show the children that there are different possibilities. You can safely tell the child: “If you buy this game, you will not have enough money for the shoes you like.” At this age, children need to understand that every decision has consequences.
5. Give your children money for work done, not on the presumption that you owe them something. You can reward them for housework or other help so that they understand that the money must be deserved.
6. Emphasize how important it is not only to take, but also to give. When you are sure that they understand how they can get money honestly, show them that they can donate it to those in need. In this way they will be able to understand that giving money affects the life not only of the one who gives it, but also of the one who receives it.
7. Give them responsibility on a personal bank account. If you have already prepared the ground, every teenager should be able to manage a regular bank account. This will help the child to use larger amounts in the future.
8. Encourage the child to find a job. Teenagers have a lot of free time – a few vacations, of which the summer is especially long. If they constantly claim that they need money, help them find a job to earn some money personally.
9. Explain the tricks of credit cards. When your child turns 18, he or she is already a potential credit card user. Let him be aware that debts are not a good idea unless he definitely needs something.
Keep in mind that sooner or later you will have to teach your child how to use the money. If you don’t, someone else may do it, who may not be so well-meaning. Take your time and do it for the good of all.