Raising Money Smart Kids - Money Lessons for Your Children West Point MS
The most common way that people learn about personal finances, is from their parents whilst growing up. Therefore it is important to teach your kids about money from an early age.
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Raising Money Smart Kids - Money Lessons for Your Children
How to Raise Money Smart Kids
The most common way that people learn about personal finances is from their parents whilst growing up. For this reason, it is vitally important that you begin teaching your kids about money from as early an age as possible. This way, when your kids grow up, they will be less likely to make bad money decisions, and less likely to fall into debt.
This guide details some important money lessons to teach your children:
1 Lead by ExampleChildren will primarily learn their spending and saving habits by observing their parents, so make sure to set a good example. Teach the importance of money to your kids and that money is limited. Show the steps that need to be taken in order to save money and avoid wasting it. Do not spoil your children by buying them everything that they want, as this could lead to them growing up undisciplined and self-indulgent.
2 Money Teaching GamesTeaching kids about money can be fun for you and your child. When a kid first learns to count, introduce them to money by having them count coins. Play pretend shop games at home, using fake money and props, then allocate a pretend allowance for your kid to spend.
When your children are a little older, play board games such as Monopoly , Game of Life , or Payday . Not only are these enjoyable to play, but they also offer valuable teachings about money making decisions, money management, and the...