When it comes to teaching children money, one of the most important lessons you can teach your child is how to have a healthy attitude about money.
How to help your elementary school student get a healthy perspective on saving and spending.
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It is never too early to teach children about money. Elementary school is a perfect time to teach children about money, as children learn addition, subtraction, and other mathematical concepts at school. Parents may have some important tax skills, such as Save, also buy from younger elementary school students. As children get older, they can start making some decisions about money, such as deciding how to spend your pocket money or even helping you decide how to allocate money for things you can do on vacation. Here are 10 smart tips on how to teach children the money.
Play games related to teaching children about money.
Board games like Monopoly and Life can be a fun option for children be learning something about money. So gather your whole family around your favorite game and let your elementary school student unleash their inner hump.
Take your child with you on shopping
Teaching from children over money can be part of normal household routines, such as going to the grocery. Tell your child what your budget is and play a game where you buy what you need below that set amount. Clip coupons and let your primary school teacher help you find items on offer. A 9 or 10 year old can take a calculator and help you keep track of your purchases – and find out how much you’ve saved.
Give him an allowance.
Primary school enables children to do more tasks to help around the house. Whether you’re tying tasks to pocket money or not, it’s a good idea to get your elementary school student into the habit of managing their own money.
Encourage them to save.
You can use a cute money box that you pick together, or a popular Hello Kitty wallet – whatever it is, name a place where she can keep her money. Some experts suggest giving your child three different containers to invest their money – one to save, one to spend, and one to donate to a charity. Then you can decide together how to divide your maternity allowance between the three glasses.
Bring it to the bank.
Go to the bank with your child and open an account. Explain to him that if he leaves it in the bank, his money will grow.
Teach her how to talk about money.
My 7 year old once asked someone we know how much money she makes. It was an innocent question – elementary school students are often curious about things like the cost of the house or someone else’s salary. But they usually have no idea what that number could mean (one of my son’s friends once said that his parents paid $ 500 for their house!). Gently explain to your child that asking people how much money they make or spend on things is not polite.
Curb TV time
Children can be exposed to an amazing amount of commercials in no time. Adults have difficulty fighting influence, so how can you expect a 10-year-old, let alone a 5-year-old, to be immune to the alluring appeal of the latest toys or children’s devices?
Explain credit cards and ATM cards.
Younger elementary school students may think that money comes from ATMs or that you can simply pay for things with a credit card. Even older elementary school students may not fully understand what it means to use credit (that paying for things with a card can often mean paying interest).
Set a good example
As with so many things, what matters is what you do. Never lie to your spouse about purchases. And always put purchases in context and emphasize that things are not what makes people happy. Remind him that there are much more valuable things – like spending time together – that don’t cost anything.
No lesson about money is complete without a discussion about charity. Help her put her money in the right light by showing her that there are many other things – like love to the family and to our fellow human beings – who are invaluable.
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