Teach Your Kids The Value of Money *Guest Blogger*

 

We were not well off, so my mother taught me the value of money. We needed to be thrifty so that Dad’s salary could be maximized. We can’t buy our wants because we have to stick to our needs. We did whatever we could to help the family save for more important things like house bills, water, electricity, food, and school. This was difficult for us but we made it through.

Now, I can buy things for myself without splurging too much. I have learned the value of money because of what I went through when I was still young. Are your kids spoiled? Do you just buy them even the most impractical and unimportant things? You can teach them the value of money with the tips in this post.

1. Be a good example to your kids. Kids learn best when they imitate older people doing something. Show your kids how to do it. For example, my mom showed us how to be thrifty by being conscious of our expenses. I often see her bring her calculator when we buy our monthly supply so she is sure that she sticks to her budget.

2. Let them save up if they want to buy something. I always wanted my own doll when I was still in grade school but we couldn’t spare the money just to buy one thing that would benefit only one person. My mom told me to save my allowance so I could buy my own doll. This will also teach your kids to set a goal. In addition to that, they will learn that money should not be wasted because it is not easy to earn.

3. Buy them piggy banks. The banks are for their goals. At the end of each day, my mom and I put coins into our banks. By the year ends, we reached our goals and were able to buy what we wanted to buy. You can buy more piggy banks for your kid if he has more goals. Or if you want, you can buy him one piggy bank for his goal and another for saving.

4. Do this every time you have goals. In no time, your kids will learn how to budget without being told. This value will become part of their system and will be carried on until they reach adulthood.

5. Assign chores to your kids. This way, they will become aware that they have to work hard to earn money. To be more efficient, you can make a chart of their daily tasks. Tick off the accomplished tasks. At the end of the month, reward your kid with money. Deduct from his “earnings” if the child does not finish all of his tasks. Give him a bonus if he has done an extraordinary job.

6. Let him borrow money but teach him to pay his debts. I borrowed money from my mom when I needed to buy something. However, I make sure that I pay my debt on the agreed time. She does not let me borrow money if I have not settled my previous debt with her yet. You can use this effective strategy on your kids too.

I must say that these tips my mom used were very effective. Try them on your kids too.

Author’s bio: Marcy Gray learns the importance of many values from her mom and writes about them. In addition, she likes to write reviews about baby care products such the first years wave stroller and britax b ready stroller.