As a parent, you are always teaching your kids lessons about life. One aspect of life you will need to inform your children about is money management and what the value of money is.
However, teaching kids about money is not always easy. You want to provide for them, but you don’t want to spoil them and have them get used to money being spent on them rather than them earning and saving it themselves.
To help you out, read the following tips on teaching kids the value of money.
1. Reinforce the cost of things from an early age
From an early age, make sure your child is witnessing how you need to spend money to get them things. The earlier they understand that you need to exchange money for the things they benefit from, the earlier they will appreciate the value of money. Show them that items don’t magically appear for them, but that they all have a cost.
2. Say no to things based on cost
If your child demands something that you aren’t going to buy for them, cite the fact that money is a factor. Instead of saying “your behaviour doesn’t deserve this toy”, say “Your behaviour doesn’t deserve me spending money on you”. This will keep the concept of money in their mind and demonstrate its value in getting the things they want.
3. Make them earn their allowance
Giving kids an allowance in common at specific points in their life, but you should make sure they are doing chores to earn it. Make sure you value each task as you would with a real-world job and build the allowance from there. Show them that harder work produces more money.
Hopefully the above helps you in showing kids the value of money.