Introducing money to children is an important task that a parent should do instill proper money values until they grow up. You need to start teaching them today even as an early age starting with four years old, just when they can already recognize money. Perhaps you learned about money from your parents too, directly or indirectly you learned how to manage your money by imitating what you saw from them. Here are some important tips to begin with:
Have an open discussion with your children about money. Teach them about the different bills, the description, and the uses of money as well. Money
is use for saving, spending, giving, and investing. Create concrete
plans and actions how are their going to learn the uses of money one by
Saving. You can have a small piggy bank for them to save small amount of money or open a bank account for kids. Through this, they will be able to value money and they would appreciate later about the sum of money that they able to saved. They can set a goal and at the the end of the year they will enjoy spending what they saved.
Spending. Being a wise spender even as an adult is a difficult task. The skills of budgeting money takes a good habit and spending control over money. Bring the children with you when shopping or in supermarket. Inform them about regular price compared to bargain sale price.
Giving. Money is primarily is not only for our needs, but also because of human nature we are designed to share what we have. Children should be taught how to give that they can practice to adulthood.
Investing. Although investing is only for those with extra money, it is also good for them to know about investing.