Maybe some of you think finance is not really important for your kids. This concept is wrong. Children must be taught about finance in early age. It is important because they still can learn and follow your footsteps..
This is some tips to teach kids about finance
1. Tell your kids how hard to earn money. It is important because they are perceptive and must know about family’s financial world. Learn about how hard their parent earn money will give them learn about responsibility.
2. Teach them how to spend effectively. Show all your bills per month at the place that easily to read such as refrigerator. Make them know how much bill spending.
3. Give good example. You must become a good in managing your expenses; your child will follow you.Make a document of how you spend by making a ledger. Write your expenses at the ledger and teach your kids about it. Ask them to write daily expenses at the ledger.
4. Make some strict rules. Let’s give guidance especially in saving. Make sure they have saving their money monthly. Open the bank account and give rules for them to save their allowance. Show them their saving yearly and they will surprised on the amount saving and make it as their habit.
5. An allowance program can teach your kid. Your kids will learn how to spend, save and invest the allowance. This program will guidance them to manage financial effectively.
6. Reduce their TV time because they will attract to commercial. Even though you won’t spend on the product at the commercial, they will find way to get the product. Find another entertaining ways such as outdoor sports to full their time.
7. Once they are older enough give he/she a job. It will teach them how to get money. A part time work is good for your kids to learn more about finance. It will help them to learn how to manage and spend their own money wisely.
It is important for your kids to know and learn about finance. Good financial planning in early age will also help you in the future.