Kids and money are an interesting combination.
There are many ways to let kids understand the value of money and teach them how to save.
If they are old enough to work, let them work. Instead of relying on you for money, they can find a simple job that can help them earn.
By going through the process of earning it, they will become more appreciative of its value. They don’t have to work in a local store if you think they are not yet ready for it. Start at home. Instead of giving them allowance, let them work for it.Ask them to help you in cleaning your car or in washing the clothes. If they are successful in finishing the task, they can get money out of it. Make sure that the amount they earn is commensurate to the kind of task they have fulfilled. Giving them way too much will not teach them the right lesson.It is also important to make it clear to them that they are not being punished for doing the task. It is a way of letting them understand the value of money. Once they have started earning it, they will be more cautious of their spending. They will make good decisions and they can use it as they grow older.
At first, this idea might be met with violent reactions. They might even call it a bluff. However, pushing through with your plan and letting them work hard will make them realize that it is important to take it seriously. So If the only thing your children know about money is how to spend it, it’s time to teach them how to save it.
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