You may think that kids should be playing with their Barbie dolls and playing Fornite, not worrying about money at this point in their life. It’s never too early for your kids to start learning about money. Money is something that kids are taught about. It’s hard when they turn into young adults and their parents have given them zero knowledge about money. Here is what your children need to know about money.
Money Doesn’t Grow on Trees
When you’re constantly buying things for your kids, they will never understand anything about money. They don’t even care what money is. They just know that mommy and daddy are going to buy them whatever they want. No matter what age your kids are, your kids are going to let you buy them whatever you want. They won’t complain. So, it’s important to teach your kids about money, so they don’t think money grows on trees.
How to Pay for Things
If you don’t talk to your kids about how basic necessities cost money, they may not understand. For example, knowing how to pay for things. Talk to your kids about the electric bill. How it’s important to pay it. You can tell them that electric bills can be paid a variety of ways.
- Bank Account
- Debit Card
- Money Order
It’s really cool for kids to learn that there are a variety of ways in which you can pay for things! Of course, you should also have the credit card talk with them!
The Value of Hard Work!
Your kids need to learn early in life and that’s the value of hard work. They need to see you working hard and earning money to provide for them. You don’t need to be rich, but being able to provide for your family’s basic needs is super important. Teach your kids what hard work looks and feels like, they will thank you for it later.
Spend, Save, and Give
All kids need to learn about WHAT they should do with their money once they earn it. When kids get money, they should know they’re allowed to spend some of it. They should also know that they should save some of it, and give some of it away. This may be the hardest concept to understand because once kids have money in their hands, they don’t want to give it up.
What would you like to teach your kids about money? I’d love to hear all about your tips!