Today when cost of living is rising, we need to have some respect for money. We cannot afford to spend money extravagantly because there will be no money for our future savings.
Hence, we need to learn not only to save money but also teach our kids value of money. If you have kids then you have to have worry about their future and best way securing it teaching value of every single penny.
So here are some simple yet powerful ways to teach your kid value of money.
1. Take Him or Her to Shopping
The first simple way to indoctrinate your kid about value of money is through taking him to grocery store or a shopping mall. While shopping, let your child collect food and other items from the shelves and let him see the price of every commodity.
He got to know the price while picks an item and drops it into the trolley. If you are taking him or her to a bazaar then he/she must learn how to bargain things. You would help your child in learning value of every single paisa.
So next time you go for shopping take your child with you.
2. Let Your Kid Collect and Pay the Bills
Second great way to help your child realizing the value of money is to let him/her collect all the bills and read the amount. Bills like electricity bill, water bill, cable bill, phone bill, online recharge and even house rent.
After he/she has collected bills for the month, now it is time to pay those bills and your child is going to do it. Your child will start getting an idea about real world very soon and he/she would realize value of money much better than others.
3. Involve Your Child While Making Home Budget
These days you have to make your home budget to get best out of your monthly salary. I would suggest that when you plan your monthly budget always involve your children. That would be the best way to teach your child value of money.
When you decide how much you are going to spend for grocery, bills, school fees, rent etc your child must take part in the entire budgeting process.
4. Take Your Child to a Bank
Next great way is to take your child to a bank and tell him/her about your savings account. If you don’t mind then you could let your child to see your pass book. Let him figure out the amount present in your bank savings account.
It will help your child in developing value of the money very early stages of his/her life. Moreover, an overall environment of a bank will help the child in developing his mind for money.
5. Watch Business Channels on TV with Your Child
Well, this could be little bit difficult for a child watching TV channels that are business oriented instead of watching cartoon network.
However, if parents are interested in watching business channels that tell about share markets and managing your finances then let then children in your house are going to follow you.
There are certain great TV personalities that tell you about managing your finances and your child could listen and learn a few things about it.
6. Help Your Child to Make Some Money on its Own
It could be very early but the best way to teach your child value of money is to encourage him/her to make some of it. So what your child is going to do if he/she wants to make money.
Well! They don’t have to go out and work somewhere else because right now they are too young. Therefore, you could give them a household task and if they complete it you pay them with some money. Like you could ask them to clean the house, water the plants in garden, help mommy in the kitchen, things like that.
7. Play Games
Well this could be a great fun. Along with entertainment your child will learn something about value of money. There are many online games and board games that could help your child in developing value for money.
You can play with your child help him/her to realize the power of money when they are very little. Some of the games that you could find are Money and Stuff, Fat Cat etc. You could search in Google for more.
8. Lead by Example
Finally, the most important way to teach your child about the value of money is through by leading by example. Yes, you as a parent should take active interest in learning about the value of money. You should not spend money frivolously and be responsible when it comes to managing your finances.
Only then your child will going to follow you and learn the value of money.
So these were some of the best ways according to me to teach your child about value of money. Did you teach your child the value of money? What do you think according to you is the best way to teach them.
Do share your comments and opinions with us and others.