SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)


SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)


SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)


      How to teach children about money





SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)








From a very young age, a child can be taught the importance and concept of money through sports like monopoly

Here, he can get a chance to handle the plastic money used in the games and he is responsible for what he does or plays a game of pretending to be a store owner. 

According to the studies, these skills are mainly taught by our parents or guardians. A child who behaves well at a young age and is responsible, he will lead a stable and happy life.


Ways to teach children about money


If you want to see your child grow as a responsible person who understands the importance of money, then here are some good ideas that you can use.

 See them to make your children financially sensible.

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                              πŸ’ Age 2-3 years


How to teach children about money is a question that often comes in the parents' minds?πŸ’­πŸ’­

But teaching children about money is not so difficult. Rather it is an interesting and important task.

During this stage of development of a child, he inspects to do one task. Introducing simple financial concepts at this age can be fruitful. Here are some important points to remember.πŸ‘πŸ‘



SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)



πŸ‘‰ Transparent pig bank (money box)

It is better to provide a transparent money box because it is against an opaque because a child can easily see an increase in its money gradually.

The small penny that she saves every day will give her a sense of accomplishment when the jar fills in as much as possible.

πŸ‘‰ Coin game of coin

                                                                                                 
SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)



Introduce your child coins of different bucks and let him inspect every coin.

He will understand that each coin is different from the other depending on color, size and shape.

This is the best way to teach him the worth of every rupee coin.


πŸ‘‰ Become a Good Role Model

You are your child's primary role model. They will observe every little bit of information about how you work. So, being a role model showing him that you spend money wisely and pay bills on time, he will help cultivate the same habits as he is big.πŸ‘ˆ


πŸ‘‰ Money moments


Include your child in simple money matters such as a note of ten rupees and ask him to take a candy within that range.

In addition, let your child pay his shopping. This way your child will learn how money is spent in everything.πŸ‘πŸ‘


πŸ’ Age 4-5 years



In addition to this, a combination of money with simple concept of mathematics is a smart way to develop a habit of calculating money . 

Apart from this, there are more activities to teach children about money.πŸ’°πŸ’°


πŸ‘‰ Awaiting education

Practicing patience can be beneficial in this case. Here, it is necessary for your child to teach that he must save before buying.

It can also be challenging for adults. Therefore, presenting it at a very early age is very good.😊😊


πŸ‘‰Using Discount Coupons


In this activity, ask your child that you will help keep all the coupons needed before you go to the store. 

Once at the store, ask him to match the coupon with the product. How to teach the value of money for children, this approach is very good.


πŸ’ Age 6-8 years


SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)





     







This is the right time to present the word 'The Pocket Money'. 

A child has received faith, confidence and encouragement from her parents on the basis of what she has learned so far. 

There are some hacks in the construction of a financially responsible child.


πŸ‘‰ Importance of giving

It is necessary to teach the principle of giving back the community as a donation.

It is an NGO or charitable trust; You can have a certain amount of your child for a specific social reason.

In this way, the value of money is considered for children.

πŸ‘‰ Pocket money

Earning your child's pocket money on a weekly basis without giving it to him can be nonsensical.

He is not learning anything in this process and can allow you.

If a child is made to work simple tasks like earning his weekly allowances, cleaning his room or helping in the kitchen, then a true understanding can be learned. 

Completing the value of money is something that is earned here.


πŸ‘‰ Keep track of expenses


Talk about your spending habits with your child and how much it has been saving in the past several months. 

We are sure that your child will be able to self-assess on how good it is with money. 

Check with him whether he has fixed financial goals for himself and motivate him for the good habits he is following.


πŸ‘‰ What they want to do when they grow up


Knowing what your child wants to become in the future, is a great way to talk about careers and their realm. 

Discuss the fact that everyone works to earn money. 

Bringing positive feelings about work and earning can help him to have a healthy perspective.


πŸ’ Age 9-12 years



SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)




By this age, a sense of understanding develops in children and they follow the instructions given to them.

This is the right time to include good habits in them. To put savings habits in your child, follow these things

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πŸ’ Open a savings account

This is the right age for opening a bank account for him because he has a better understanding of calculating and saving his money. 

This allows him to buy an item that he saved by giving true perception of ownership.


πŸ’ Teaching the Difference Between Needs and Grants


To make the child aware about the difference between needs and affecting the way to prioritize his expenses for something. 

It can help in the decisions of her spending on the way.


πŸ’ Card about teaching them


So far, your child must have seen you swipe through debit or credit card and inquired about the same.

Before your child gets the wrong information about these cards, let him sit and explain the different cards and their actions on the basis of bank accounts.

πŸ’ Money is increasing through interest


Teaching them about things like compound interest to their children can benefit them.

With compound interest, he just can understand that he can earn money without working for it.

Your child can earn interest on both the saved money as well as the interest earned on the amount. Is not this a smart idea?


πŸ’ Age 13-15 years



This is the age when a child can do part-time work too. 

By part-time work, he understands that he attempts to earn money. 

To teach them the value of money, try these following techniques

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πŸ‘‰ Budget



SIMPLE WAYS TO TEACH YOUR CHILDREN (Money Management Skills)


Now that your child has killed his teenage years, it is appropriate to present the concept of budget.

Since he has been taught about savings, expenditure and donation, the budget can help him in making a list of his expenses and controlling unnecessary expenses and ways to complete them.

 It also depends on your teenage income.


πŸ‘‰ Making a mistake in spending children

There may be a clash between you and your child on matters related to money. 

She can spend on things that you did not want her and she might get annoyed. 

But, it is a learning curve. It is better that he will learn from your mistakes at a time where it was later supported by you instead.

It's time to guide your teenagers and modify those financial values ​​that you have taught them for years.


πŸ‘‰ Earning pamphlets and rewards

By now your teen is aware of the concept of earning money by working around the house. 

You can let him earn more money than doing big things like helping a family member who needs some work and he is ready to pay your child for it.

Teaching your child about financial concepts from an early age can affect his spending habits and independently make better financial decisions. 

Teaching-saving habits are beneficial and go on throughout life. He will finally understand that money is linked to a safe and stable future.


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