Kids have been back in school for nearly three months learning math, science, and history. Learning financial responsibility starts at home - and it’s a lesson best begun early. If you’re not sure where to begin, here are 6 lessons to teach your kids about money to help them become responsible adults.
You may have to wait to buy something you want
No matter what age you are it is never easy to pass up on something you want. Teaching kids to wait and put aside the money they need will show them the value of a dollar and the rewards of saving.
Teaching your kids that used clothes or electronics are much more affordable can save them a lot of money. It also teaches them to be thrifty and compare prices.
Needs vs. wants
Sometimes it’s hard to define what you need and what you want. Teach this lesson early so your child can focus on the needs.
Give an allowance
Giving a child an allowance will teach them that earning money takes work. The more they work the more money they will have to buy the things they want.
Show them the value of household costs
Kids don’t know how much it costs to have the lights turned on in the house or the air conditioning on in the summer. Have your kids sit next to you while paying the bills to explain why you have to pay them.
Teach kids about cards
By the time you child is in the later years of elementary school they will have heard about credit and debit cards. Take out all of your cards in your wallet and explain the difference of a debit and credit card and how they work. Also, explain debt to your kids to show the importance of making credit card payments on time.
Talking about these lessons with your children will help them to grow into financially stable teenagers and adults. Not all parents talk to their kids about financial responsibility, but your child will thank you. If you’re looking for some help to make learning fun for your kids, check out our youth programs!