Why It's Important
Your child will be faced with many financial decisions throughout his life, and as a parent teaching teens about money is up to you to ensure they are prepared to face obstacles intelligently. Parents also can encourage their kids to save more by agreeing to match the amount they save dollar for dollar or by a certain percentage. If your children are old enough to advance from a piggy bank to a real bank. For example, in high school, he'll be tempted to take out student loans. In college, he'll be bombarded with credit card offers. By instilling strong financial habits early on, your child will be prepared to conquer common challenges as he gets closer to adulthood. Fun Ways to Teach Younger Kids About Saving Teaching financial lessons can begin as early as preschool. Read on for some fun ways to get younger kids excited about saving. Pretend to spend When your kids are in elementary school, set up a fake store or restaurant at home. Give them a certain amount of fake money and create scenarios, like buy five items with your money or buy three meals for less than $20.By learning how transactions work in a safe environment, they'll understand them better in the real world. Saving money is a great habit. But if you want your kids to learn how to truly build wealth, teach them about investing, If you value giving to others, you can instill that value in your children by helping make it a habit for them from an early age. Just as important as the lessons you teach your kids about money are the ways you discuss and handle money when you’re around them. For example, if you complain about having to spend too much on certain things and then take your kids on a shopping spree, you’re sending mixed messages.
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AuthorHi! I am Tim Connolly and I am providing help to parents to bring up their children in a healthy environment. I am working in this profession from last 5 years, if you have any query regarding this please contact me. Archives
June 2021
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