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HomeMoney and RelationshipsTeaching Your Children About Money

Teaching Your Children About Money

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With individuals continuing to struggle through this rough economy, it is becoming more and more important to teach our children about money and the value that it has. Many parents do not take the time to think about it, but it is best to begin teaching our children about money when they are very young. There are many different ways to accomplish this goal and this article will discuss a few ideas that parents can try.

One way to begin teaching children about money is to get them a bank at a very young age. Then, when spare change is found on the floor, or on the countertops at home, parents can give this change to their children to place in their banks. This is a very easy way to begin teaching children about what it means to save money. Parents can also begin to teach their children about what each piece of change is, such as a penny or a dime. They can also help their children learn how much each one is worth.

Next, it is very important for parents to help their children understand the importance of a dollar. This means that children need to begin earning their money at a very young age. Parents should not simply hand their children money each and every time that they ask for it. They should also help their children learn to save for the things that they really want. For example, if your child wants a new video game, that would be a good time to help your child fully understand what it means to work for money. You could help them save their money and help them fully understand how much they will need in order to get the game that they want. This sounds really harsh to some parents, but when parents are continually spending money on games every other week, it can become very expensive. So, parents need to help their children learn the value of a dollar, and how to contribute.

Finally, parents can let their children help them while they are paying the bills and balancing the checkbook. This might not be an appropriate task for a five year old, but it might be totally appropriate for a ten year old. By doing this, the child will be able to fully understand how to manage money. They will also be able to gain knowledge related to what is needed in order to run a household. Parents may also want to call the local bank and ask if they give tours. Taking children to the bank for a tour can be a great way to increase their knowledge related to this institution. Parents may even want to consider setting up saving accounts for the child at this time as well. Many kids may become very excited about this.

We all know the state of the economy. It is very important for children to understand how money effects all of us. It really is what makes the world go around. All children need to realize how important it is to be able to save and to take care of themselves. These are lessons that should always be taught at a young age. Actually, the sooner the better.

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