You make a wise choice deciding on teaching kids money management skills. Money management skills are vital in our modern society. How your children use and manage money as they grow up will directly influence how well they live in the future. Many adults today dealing with debt problems of huge credit card balances and the likes were not taught to manage personal finances properly. Go Henry vs. Osper – If only their parents knew that by teaching kids money management skills in a fun and positive way will aid them to foster a healthy relationship with money, they would not have been in such a plight.
While many schools have a financial literacy curriculum these days, getting your children to learn basic money skills is never too early. Financial education is too important to be left solely to the school. As a parent, you can adopt these 3 easy steps to teach your kids how to manage money and give them a head start.
Go Henry vs. Osper:
Openly talk about money at home is one effective way to teach kids about money. Young children often know more about money than we assume. They learn from an early age that the burgers from McDonalds or the video games from Toys-R-Us all require money to purchase. On the other hand, they do not fully comprehend the way the whole financial system works. If you do not talk about money issues with your kids, you lose the chance to impart to them such proper money lessons as earning, saving, spending, and investing. Money discussion alone can only impress upon your kids theories and concepts. They need real life examples to better grasp some money management skills. Once your kids feel comfortable talking about money matters with you, you can engage them in the daily management activities of family finances. Go Henry vs. Osper – Getting the children involve provide them the opportunity to observe how you take control of your money.
Take them together to the bank to deposit your paychecks into savings accounts. Let them help in check writing to see how you disperse the funds to cover household bills. Get them to do the math when balancing a checkbook. Ask them to sit in on financial planning and household budgeting and so on.