Let’s talk about ways you can teach your kids about money:
- As soon as children can count, introduce them to money. Take an active role because repetition and observing others are the two methods they learn by.
- Communicate with your children about your values concerning money and how to save it, make it grow and most importantly how to spend it wisely.
- Help your children learn the difference between needs, wants and wishes. This will prepare them for making good spending decisions in the future.
- grades, toys or savings, helps children learn to become responsible and motivated for their own futures.
- Indoctrinate your children to savings instead of spending. Explain and demonstrate the concept of earning interest income on savings. I used to pay 10% interest a month on money given to them to get the point across of saving it.
- Some parents offer to match what children save on their own.
Thanks for listening to Answers from A to Z