Five Unique Ways To Teach Your Children About Money

Today I have a guest post for you from Emily at StarWalkKids.com. Enjoy!

Kids don’t know much about money and how to spend it unless you teach them. Take time to walk your children through how to earn money, and show them how you can save for a rainy day. Let them know that you can invest and the money grows and allow them the satisfaction of rewarding themselves after completing a task. 

Use a piggy bank 

Teach your kids the art of saving from a young age and let them know how important it is to set some money aside. Get them a jar or a piggy bank and encourage them to drop a few coins inside daily to get to the desired goal. It is important to introduce to them saving at an early age and explain to them why having savings is a good thing. After their savings have grown, allow them to buy whatever they have been asking for with their own money as this will give them satisfaction.

 Give them an allowance after a job 

Make them understand that money is not given for free and you have to work and earn it. This will make sure that they always respect the amount of money they get and be able to manage it wisely. Give them house chores, and once they have completed them, you can reward them by paying them. This will allow them to learn that hard work pays. Furthermore, when you teach them on how to work for everything they have, they will grow to be great adults in the future.

Take your kids to the grocery store 

Bring your kids the next time you are going to the grocery store as this will give them an opportunity to see the exchange and transactions world first hand. Let them help you to choose the grocery you want and show them how you can save money in a grocery store. This is done by giving them an opportunity to choose groceries and compare the prices of different brands. As they do this, they will learn how to make choices in life and survival tactics. After a trip to the store calculate with them the amount of money that they have helped you save. You can use the money to give to charity or treat yourself to ice cream; they will learn the art of charity and sharing as well as saving.

Use games and puzzles to teach them about money 

You can introduce your kids to games and puzzles and give them an opportunity to complete the task. Once they have done, you can reward them with a prize; this will show them that after completion of a task you always get a reward. Additionally, you can play games such as Monopoly which requires kids to make financial decisions to win the game.

Encourage your kids to start a business 

Teach your kids the art of investing in a business, let them learn that when you invest in something your income doubles. Help them open up a lemonade stand with their allowance money and let them learn about making profits in a business. This will open up their minds, and they will understand how money works in the world. Additionally, this will discourage them from being lazy when they become adults.

In conclusion, show your kids the art of spending money, saving, and investing as this will ensure that they learn some valuable skills for life in the real world. You can read more on Star Walk Kids, and you can also find games and toys here which will help your child learn to manage their money from an early age.