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5 Easy Ways to Begin Explaining Money to Your Children

If our children learn to control and use their money from a young age, it will be a great skill to have while growing to our world and trying to join our society.

Based on the financial circumstances that we live now, it is very critical to be able to control your money. Either you want to save money or to spend money on something; you need to learn how to use them first.

If our children learn to control and use their money from a young age, it will be a great skill to have while growing to our world and trying to join our society.

It is sad to see that we do not have as a school lesson this subject since it is very important to understand the essence of this.

As parents, it is our responsibility to prepare and guide our children so that they will be ready to tackle any obstacle that they will come against in their lives.

Here are 5 easy ways to begin explaining money to your children:

Challenge them to pick

Go to a market with them, where fruits and vegetables are sold, and give them 1 coin which is equal with the purchase of 1 fruit or vegetable. Challenge them by telling them that they can only buy one fruit or one vegetable. They will immediately start to think and compare the value of the coin towards the product they want to consume. By restricting them, and provide them with the offer that they can only buy one product; they begin to understand the value of the money they have and start the process of decision that will lead them to know what exactly they need and not only what they desire.

The influence of waiting

When your children are in line to play with a toy at a playground, grab the opportunity to explain why it is important to be patient and wait for great things to come. They need to know that if they want to have something in their possession, waiting will be the first thing that they will have to do. By this way, you can later on tell them that if they want to buy something, they need to be patient for the right moment to happen.

The incentive

We all want to have goals and we all want to achieve them. We need to understand that our children must have a goal, an incentive, in order to be able to save money for it. You can help them figure out what is the new toy they want to buy, or the new item that will help them with their studies. As soon as they set their goal, saving money will be an easy case.

Limit their choices

If you start providing your children with money at a regular base, they will think that they can buy everything. If you give them money on a daily basis, it will be difficult for them to learn that they must save their money since they will be expecting to receive the same amount next day. It is better to give small amounts per week so that they can save the amounts they need and choose where exactly they want to spend and where they cannot spend at least for that specific moment.

Give and take technique

If you see that your children are demanding new items to be bought by you, and you cannot afford to buy all that at the same time, what you need to do is set a programme. If they want something, they need to do something to earn it. Create a programme where you will include the tasks that each one must do and the earnings they will have if they complete them (there is no need that each earning will be equal to money). One child can be responsible for doing some chores per day; another child must be responsible for the dog, and so on. They should know from a young age that if you want to gain something, you need to first earn it.

Just remember that you will be the one sponsoring their every need and desire, therefore, as soon as you help them understand the essence of money, the sooner you will be able to make plans and help them achieve their goals at each stage of their lives.

If you want your children to have a better understanding of our world from a young age, if you want them to value the factors of life and understand how they should act in different situations that the will face with confidence and at the same time kindness, you should take a look at our books, and see how you can achieve these with us!

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