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Be open with your children and start talking to them when they are young.
Your children will replicate your actions with money. If you are a budget friendly, savvy shopper and they see this they will probably be more thrifty as they grow up.
Start talking to your children about money when they are as young as toddlers.
When your children are old enough to not swallow the coins let them touch and feel them. Play store during play time. Let them see you pay with cash instead of plastic. They will start to understand that cash money buys the things they need. As they age talking to your children about money will vary from family to family. Talking to children about money can be hard, but with the help of the seven tips below it may be easier than you think.
7 Tips On Talking To Children About Money:
1. Be open an honest when talking about money.
Talk openly with your children about money, where it comes from, how you get it and the cost of items you buy.
2. Show them the value of a dollar.
Relate money to items your children are aware of. Do they have a toy or item they really like? Explain how much that item costs. Now given their age you can explain how much other items cost in relation to cost of that toy or in dollar amounts. They will begin to understand the value of dollars.
3. Let them play with money and learn.
You can purchase a play money set at most dollar stores and do just that play store, use it for math lessons. Let your children learn the value of money.
4. Pay them a commission for tasks done, not an allowance.
Pay your children set amounts for tasks done not a weekly commission just because. If you pay them commission they will understand that money is paid for work done.
5. Give them a jar or bank account so they can watch their money grow.
Everyone likes to see their money grow. Give your child a mason jar and let them add their money to it. Or if your children are older get them a bank account they can deposit money into. Watching their money grow is a lesson in its own.
6. Let them save, spend and share.
When your children are old enough have a discussion on how much money will be saved, spent and shared. Saving money is important, giving to those less fortunate is a gift, spending what you have earned is a lesson and a reward.
7. They will make mistakes with money, let them.
Everyone learns from their mistakes, children included. Let them make guided mistakes with money so they understand the good and the bad. You will need to guide them, but they need to learn.
Spend the time, sit down and talk to your children about money. Go shopping with them. Bring them to work. Empower them with the knowledge of a dollar. They will thank you when they are adults. Teach them how to be smart with their money.
Have a great day everyone.