Raising Financially Aware Kids

Posted at by ifydcat on category Personal Finance

As an adult, you know that you are responsible for all of your finances and what all that entails. As a parent, you want to help your kids become responsible adults that can manage their own finances. You can do it through training them at young ages the importance of budgeting and the value of a dollar. Use the tips below to begin training your kids to become financially aware individuals at their young age.

Providing your kids an allowance can really help them understand the value of the dollar. If you give them a list of chores that they must complete each day or week, they are earning the money that you give them as an allowance. The fact that they have to work for the money they receive is a life-lesson they will carry with them for the rest of their lives. Their allowance will be used to purchase the things that they really want to have.

Provide your kids extra earning opportunities. Have a jobs list on the wall in the kitchen that lists different jobs around the house that need done. Each task will pay a set amount of money that you will pay them when they complete the job in a successful manner. Once the job is complete and you hand them their money, they will have a great understanding that they will get paid for a job well done.

You should help your child open a savings account as soon as they begin to earn money of their own. Take them to the bank and let them learn about savings accounts and how they work. If you are going to require your child to deposit their money into the account, be sure that you permit them to hold onto some of it. If you take it all from them and do not allow them to use it for the things that they want, they are not going to work as hard because they will not enjoy the fact that they are earning money.

Play board games with money. The board game “Life” can really help kids understand how the economy works. It is fun and will teach them that there are very few things in life that does not cost money. It is family fun and will really teach them important life lessons they need to learn.

Get your kids involved with your grocery shopping. Once they realize how much work and how much money is involved to bring food into the household, they may stop complaining so much when they do not get the dinner that they want. It might even end the fits that are thrown when you do not come home from the grocery store with the expensive snacks that they requested.

Getting your kids educated about finances when they are young will help them fully understand them by the time they are living on their own. You and your kids alike will appreciate the fact that they are capable of managing their personal finances successfully.

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