As early as now, saving up will be beneficial not just for you but for your kids too.
Here are some tips on how to Teach Kids About Money:
1. Use money as a means to learn subtraction and addition. As soon as children learn how to count, introduce them to money but not in the sense of making them love it, just making them aware of it. Make use of paper money in teaching them subtraction and addition. This way, they will find it easy adding up the prices of things they buy in a store.
2. Tell the children the values of money. This includes how to save, how to make it grow, and most of all, how to spend.
3. Introduce children to the importance of saving versus spending. Give them piggy banks where they can put a coin or two from their daily allowance. By the end of the month, allow them to use 2 or 3 coins as a reward, just a bit from all the money they saved.
4. Be an example. When spending for groceries, make sure that you buy what you need not what you want. Making kids realize the importance of a need and a want will be a big step for them to prioritize on what to spend on.
5. Say no and mean it. Kids are often pointing this and that, wanting a toy, a candy and whatnots. Learn to say “no, you can’t have it.” Explain why…it’s like reminding them of the need versus want again and again. If they are insistent, tell them to save up for it and buy it by the end of the month….when they are allowed to spend.
6. Take kids to your trip to the bank and make them observe, talk to the teller and let them know the importance of having a savings account. Allow them to open their own account and actually withdraw from it and spend from it too. Not having to spend something might discourage them to save at all.
7. Reward them with another coin or two if they were able to save more than spend by the end of the month. 🙂
i agree. not because they’re kids meant they can handle money well. i also believe that they should be taught, at an early age how to use it properly and how to save.
I think the mistake most parents are doing is that they’re not really teaching their kids how to save or value money by ‘paying’ or rewarding them for doing house chores. IMHO, they should be helping out around the house with or without ‘pay’. Just rewarding them would be better but not necessarily paying them for each chore.
I agree with teaching kids the value of money while still young. Nowadays, you just have to get them involved with money matters 🙂 visiting from PMB
They will also learn that to be able to enjoy spending money, it’s best if you earned the money yourself.
I did this with B a couple of weeks ago. I think I succeeded naman.
great tips mommy! thanks for reminding us to start early and to do it right! 🙂
funny how my daughter asks for “money” before I can pass or go our from our room. i wonder where she got the toll fee idea..
one way we made them aware of money is introducing piggy banks and we bought them a toy cash register. 🙂
These are great tips! My kids should grow up better than me (in terms of handling finances). haha!
Right. It’s never too early to teach kids about money. I’m lucky, I guess, that my daughter doesn’t ask me to buy her any more stuff once I tell her Mommy’s got empty pockets.
Adding and subtracting using money is what my daughter and I do now. We have play money at home, and she does enjoy it.
I agree! Once Sean is at the right age, I will teach him the value of money too and saving.
I so agree with this. Every kid needs to know how to save their money.
I gave my nephew a piggy bank so he can save some of his allowance and be able to buy the toys he wants come Christmas.