When To Start Thinking About Money Matters For Kids
Some people think giving children their own money at a young age is a really bad
idea but before you rush to judgment take a moment to stop and think about money matters for kids it's an unfortunate reality that education in learning how to handle your money is not part of the learning curriculum when they go to school. Despite it missing in school it is still a very crucial part of their education.Why is teaching our kids about money important? Well, giving them a regular allowance would teach them some very important skills such as how to manage their money. If they have a toy or candy that they want to have saving their own money will likely help them understand the concept of trading money for products and how not watching what you spend will not get you what you need or want.
Considering what age to begin offering your child an allowance is based on personal preference. It is however suggested to consider starting your child on an allowance when he or she shows signs that they are curious about how money is used. Once they started asking questions about your money it's probably good time to start giving them some for themselves.
Many parents give allowances when the kids accomplish activities such as tidying their bedroom, shoveling snow, putting away their supper dishes and doing the best they can in school while others tend to believe these are not good reasons to give your child an allowance really it has to be up to you to decide what is the appropriate reason for your child to start receiving money.
Deciding how much to give your child can be another daunting task for some parents. Some believe that money should be given for each year of the child's life, while others believe this may not be the fairest way to approach the situation especially if you have more than one child all different ages. It's a good idea to sit down and think about what you would like your child to do with the money. This may be a helpful factor in deciding how much they will get.
Thinking about when your children will receive their allowance is also important. Some parents like to give out allowances once a week while others choose to do it every other week. Some even believe children should only be paid once a month to keep in mind, though the age of the children you are giving money to remembering that younger children may lose interest in the lesson if it is only once a month, and they are young enough that amount seems like forever to them.
No matter your reasons for choosing to give an allowance. Take the time to sit down with him or her and have a conversation about what it means to save money and spend it wisely. Try to keep your conversation, age-appropriate. It may even be helpful to teach older children how to budget and make a spending plan this will be a helpful skill; they will most likely appreciate later in life.
money matters for kids
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