(Newswire.net — April 14, 2016) — We want our kids to be ready in the real world after all. Teaching them how to be money smart can also lead them away from being rotten spoiled brats in the future.
When it comes to teaching kids how to be smart on money, creativity and imagination are vital. These kids won’t understand basic Math right away. You have to make them realize that saving up is important in the most fun way. Read along to find out how!
Hone saving skills: Use the jar technique
Ask your child what they want to buy in the near future. Set up a jar that has pictures of those things. It can be a toy or a trip to Disneyland. Tell your kid that if he or she manages to fill up the jar with coins he can “unlock” and get the gift that he or she wants.
Introduce budgeting: Use the sticker technique
Pick out stickers in different color. Red will represent utilities like food, while blue will represent the money that your kid is going to save. Then create a chart that has the days of the week. Your kid should put the number of Reds that he used in a day and also the number of Blues. This way, your kids will be able to know the difference the money for food and for save and its importance in achieving their goals (the toys that they put in the jar).
Improve management skills: Play Monopoly
Games like Monopoly and The Game of Life teaches children the importance of property management and financial risks that they may encounter in real life. The kids and the whole family can play these types of games during Family Night, instead of watching brainless movies.
Hone buying skills: Bring them to the grocery
Simply bringing your kid to the grocery can teach them about buying and budgeting. Show him how you pick items in the grocery and why you are picking them. Tell them that things like food and house utilities are more important than toys and other material things.
Working for the things that they want: Reward their chores
Tell them that you can watch the new Superman film if they make their bed properly, clean the dishes, or walk your pet dog at the park. Make them work for what they want. This exercise can teach your kids how to be industrious and that the great things in life often come from hard work.
Teach them how to be bank savvy: Open a joint account
Open a joint account with your kids where they can deposit money that they can use for long term goals like college. Find out which banks offer the best promos at websites like ecomparemo.com. In that website you can compare bank loans, promos, credit, and insurance that will definitely fit you and your kid.
Leading your child towards financial independency can lead them to a better future. Kudos on teaching them how to become responsible at a young age.