Ramona is going through a huge money loving stage at the moment. Every where we go she carries a sock filled with coppers. It is pretty cool as it means when we go charity shopping she gets to learn about how much her money can buy – usually a smelly white teddy bear, because you can never have enough smelly white teddies!
Pleased to be hosting this post today, all about money and kids:
Whether you were raised to appreciate the value of things or it was a lesson learned until later in life, you certainly want to make sure that your kids have a strong grasp of this idea. Teaching them while they are young can help provide them with a brighter future financially.
1. Let them handle their allowance
Some parents disagree on the idea of an allowance. However when you don’t give your kids an allowance, it can turn into unbridled spending on them. Give them a set amount of money each week, and consider increasing it as they age. When they want to make a purchase, let them know that money needs to come out of their allowance.
2. Involve them in banking
While you probably aren’t going to dispel your greatest financial secrets to your toddler, you can at least teach older children about concepts like the best current account to have, and how they can learn about them online. When the time is right, open them up their own bank account.
3. Teach them about credit cards
Some parents stay away from the topic of credit cards because they don’t want their kids to end up in debt. However, you cannot protect your children from credit cards forever. Instead of obfuscating this field, show them how to act responsibly when it comes to credit cards. Teaching them the right way to handle this piece of plastic is generally a better hiding than preventing them from using one ever.
4. Hold a garage sale
It is often difficult for people to see the value of their own possessions. It is only when others place a value on it does that value become clear. Therefore, you should consider hosting a garage sale where you and your family can make money off of your possessions that you no longer want. Your kids may be surprised at how much people are willing to pay.
5. Bring them to volunteer experiences
Another way that children learn the value of things is by spending time with people who are less fortunate. Youngsters may begin to better appreciate their homes, food, clothing and water when they take the time to volunteer and help people who do not have these necessities.
Raising children to appreciate the value of things might seem like a formidable struggle, especially when you have not yet started infusing these lessons into your home. However, doing so is important for your kids in the present and the future. When you teach kids to appreciate the value of all that is around them, they are likely to act with more respect toward these objects. Even more importantly, they are likely to develop a greater sense of appreciation for humanity.
Disclosure: this is a collaborative post!
