LANSING, Mich. (WLNS) – It’s Parenting Connection Tuesday and 6 News is here for you with tips, strategies, and helpful reminders from local child development experts on how we can be better parents and guardians.
Today’s topic: 6 Ways to Teach Kids the Value of Money.
The only thing most kids know about when it comes to money is how to spend it. Most do that very well, but child development experts say it’s always a good time to teach the value of money… a topic that for many families is rarely talked about until your kids become grown-ups — and then it may be too late.
In an article written by educational expert Pam Myers, she says kids learning the principles of the quote “responsible handling of money” — will allow them to understand the importance of spending, sharing, and saving. Research has shown that when kids learn at an early age about the value of money, they’re able to better choose between things they need and things they want — and how to save for both.
Here are 6 ways to teach kids about the value of money:
*Let them handle money. Give them a small amount to spend, or provide a gift card, so they can do some math in their head at the store and learn how much they can or should spend on something.
*Get your child a piggy bank. This simple action will teach your children about saving.
*Teach your kids how to save for something they want. Planning for future spending motivates your kids to achieve their savings goals.
*Familiarize your kids with a real bank. Take your children there, and maybe even open a savings account in their name. Experts say, having their own bank account will give your kids a feeling of achievement, and responsibility.
*Let your kids do their own shopping. This will help educate them on sensible spending.
*You must be a financial example for your kids. Just like most things, your children will learn from you. So, it’s important to understand your own finances.
Ultimately, the quicker your kids know what it takes to pay for things – the faster they’ll be able to “think smart” when it comes to money.