Money is a crucial part of our lives. That piece of silver, gold, copper, or nickel, doesn't just give us the ability to buy and sell, or purchase the things we want in life. It is something that could give one person the power to rule over even other people's lives, the strength to do almost anything, the light for justice no matter what side he is on, and even health despite how vulnerable life can get.
Since money has that great capability even to change a person's life, it is just crucial to use it rightfully and wisely. But how can you teach all these to a child? How can you teach them to value and manage money, and not to be controlled by it?
LET YOUR CHILDREN HELP WITH THE FAMILY'S FINANCIAL BUDGETING.
Money management is not an easy thing. But there are still some simple ways your kids can be of great help especially with your daily money management activities, as reported by Readers Digest. Ask them the things to prioritize during shopping. Consider their suggestions and comments when it comes to spending and budgeting the money. Erik Bohjort, who is a psychologist and head of research at the pocket money and chores app Gimi, shared simple things as these can already open your children's mind towards how to handle and spend money properly, which they can use in the future.
TEACH YOUR CHILD THE IMPORTANCE OF SAVING.
Teaching your child to save money is the best thing to do if you want them to understand the worth of every single penny. You can start by giving them piggy banks. Small or big, it would depend on you. Doing so would urge children to save for something they want to purchase in the future.
Furthermore, by saving through those piggy banks, children would also learn the value of patience and persistence more. All these can mold your kid to become more disciplined in the years to come.
Other things you can teach your child as you train them to understand the value of money are some basic mathematical information, such as arithmetic and algebra, and also the importance of opening a savings or bank account, as posted by One Family. Teaching these things could help them in managing money well even at a young age and also in securing their money against possible theft and pickpockets, respectively.
