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How to teach a child to use money?


Source: Red tricycle


Teach your child to accumulate funds. Photo: depositphotos

When we begin to impart vital skills to children, we remember how to teach them to brush their teeth or how to properly use the toilet, says Red tricycle.

But for some reason we forget about the fact that from an early age you need to teach children to plan purchases, draw up a budget and use money. Here are the 8 things that will help your children learn financial literacy.

1. Want and need are different things

We need air, water, a house, clothes, food. But there are things that are not mandatory. Buying a new typewriter or 15 for a crown doll account. Explain it to the children. As a game - make a collage of desires with your child. Take old newspapers, magazines, cut out suitable pictures from them and paste on a sheet of paper.

2. Savings for a rainy day

Or for any other day. We, adults, know what pleasure from a long-awaited purchase is. This lesson children are also able to understand. Do you want a new machine - start a piggy bank and collect. Allocate a small amount of money for the baby. Explain to him the purpose of accumulation. Let him try not to spend everything at once, but to collect the necessary amount for what he wants.

3. Nothing is given for free in the adult world

It would be nice to get just new clothes, bed or food, but in the world everything is different. In order to acquire the necessary thing - you need to earn money for its acquisition. Children get a lot for free - parents buy, so they don’t understand the importance of earning money on their own. Set a small payment for that child helps around the house. Washed dishes after dinner or help in the kitchen - any work should be evaluated. The child will have an incentive to help you, and at the same time will enjoy the fact that he has a job.

Even small change matters. Photo: depositphotos

4. Even small change matters

Any little thing is money. Explain this to your child. If he pooled 10 cents a day for a year, then in a year he would be able to collect $ 36. Teach your child to count money. Explain that a large amount can grow from a small amount.

5. Money comes in different forms.

There are coins, paper money, paper checks, bank cards. All of you use them periodically. And if the child is more or less clear with the coins and paper money, then with checks and cards - no. Play with him in a game in which explain the meaning of each form of money. Play with him to the store, where he will be the seller, then the buyer, so that he can understand how the whole system works.

A piggy bank is a good helper. Photo: depositphotos

6. Shops around

When a child enters the store, his eyes run up, he wants everything at once. And not all that he wants - he needs. Ask the child if he can wait before making his purchase. Can he wait until the next shopping trip? It is likely that when he comes home, he will understand that the desired object is not so necessary for him.

7. Stick to your budget

Of course it's easier said than done. But the sooner your children get acquainted with budgeting and learn how to make shopping lists - the sooner they will understand what the money goes to the family.
Get 4 boxes: “Wastes”, “Savings”, “Capital” and “Investments”. Let your child decide where his money will go. Another great way to cope with proper spending planning is to play Monopoly.

It is not necessary to buy a thing right away. Photo: depositphotos

8. Teach your child to share

A very strong example is Scrooge McDuck, who had huge sums of money and gold, but he was so stingy that he didn't share with anyone. Teach your child to be sensitive to others. Choose some option for a small charity where your child can donate a certain percentage of their savings. Do good - easy!

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