Ways To Teach Kids About Money
We have heard it said a thousand times that money doesn't grow on trees
. As we look for ways to teach kids about money how do we get them to understand this reality? Experience has often taught us that people learn best when it relates to their life or the things they want and so it is with teaching your kids.Money should be related to their lifestyle dreams - Kids need to understand that the way they live will be directly related to the way they handle their money. If your child wants a stress free life they will learn to live within their means. Your kids should know they will get into the most trouble when they try to live a lifestyle they can't afford. This often leads to high debt and high stress and that is no one's dream. This doesn't mean you should teach your kids to live life like a pauper and never get anything they want. On the contrary they should enjoy what they work for as long as their lifestyle doesn't exceed their ability to pay for it.
Show your children how much things cost - Many times kids don't understand what things cost because they don't have to pay for it. Even as adults we do the same thing. Do you ever notice how you spend differently when you are spending other people's money? Your children should be aware of the price things cost. The next time your child asks you for something, use it as a way to teach your kid about money. Don't just buy it, have them make a list of the items and then have them find the price of those items. The internet makes this a very easy process and if you need to, take them to the local store.
Figure out how to pay for it - Once your child understands the cost of an item, you need them to help figure out how they will pay for it. Obviously you could just give them the money but we are looking for a higher objective here, which is teaching your kids about money. If they are too young to work then find additional chores to do in the house as a means of earning the money. The chores should be outside of what they normally do, this way they understand that what they are doing is work and not just getting paid for their regular responsibilities.
Introduce goal setting - One of the best advantages of helping your kids in this fashion is that it helps them learn to set goals. It is a very easy connection to see how much money they will need to save to purchase the item they want and how long it will take to earn it. Time, measured results and achievability are all necessary aspects of any goals and your child will have learned this lesson even though they may not realize it yet.
Looking for ways to teach kids about money is really that simple. Find things they want, help them price them and create a way for them to earn the money. You now have your orders and your mission now go and build those financial soldiers.
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