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10 Ways in which you can teach your kids the importance, and real value, of money

10 Ways in which you can teach your kids the importance, and real value, of money

10 Ways in which you can teach your kids the importance, and real value, of money

For Hectic Moms – Tips To Make More Me-Time

10 Ways in which you can teach your kids the importance, and real value, of money

10 Important money lessons that will stand children in good stead for the rest of their lives

The TastyMoments team have been thinking about the best ways to teach young children good money management skills. Don’t let your kids think that money appears magically when you stick a piece of plastic in an ATM – or slap that very same credit card on a table at a restaurant. We all know those bucks have been hard-earned by someone.

So, let’s gather around the kitchen table now and think up some cheap dinner ideas. A winner is to get the cheese of your choice and allow everyone to choose their own toppings to put on Ital Pizza Classic Bases.

Let’s start by making our kids understand that money is earned

Let your family members help with simple, age-appropriate tasks such as making their beds, taking out the trash, walking the dog or helping to weed the garden. Then put the money in a personalised glass jar so that they can see their savings grow to the point that they can afford that new device that they’ve been wanting for so long. This way, you can show them that money can buy the freedom of choice – a valuable life lesson. And that it is earned by making a valuable contribution.

Migrate from the glass jar to opening a savings account

Little ones need to understand the concept of banking and the associated processes. So, take them with you when you go into a branch. When paying online, take the time to explain to them why you are paying utility and other bills, so that they understand the importance of these disciplines. Besides, nothing in life is easy without having formulated a plan. Therefore, helping them to develop a savings plan will help them to achieve their goals.

Having money is a privilege – not a right

Many people in the world have not benefited from a good education, training or a job. As we know, life can be really tough when there is no stable income. But equally, show your kids the importance of being generous. Encourage them to set 10% of their earnings aside to donate to someone, or an organisation, of their choosing. Not only will they feel good about making a difference, but they will also be empowered and in control of their circumstances.

Stress the importance of education and hands-on learning

Very few people can create a comfortable life without having qualified in a particular profession. Talk to your young ones about their fields of interest – whether that be digital game development or architecture – and encourage them to find out more about what classes they need to take to qualify. Getting educated is expensive – and it’s probably even more challenging to get a bursary. So, encourage them to consult Google to get ready for the road ahead.

The difference between ‘good’ and ‘bad’ spending

If you have a Spendy Wendy on your hands, try and point out the difference between splashing out on a pair of sneakers or an essential mobile phone. And, more so, if they stick to their older model, they may be able to buy that mountain bike in the window soon. The concept of delayed gratification is essential.

Life is unpredictable, and circumstances can change

Chances are that, at some stage in their lives, people will lose money through no fault of their own. Things like a pandemic, natural disasters, and retrenchments are realities – ones that no one can predict. That is why money cannot be the be-all and end-all of life. It is, therefore, more important that kids be taught that values such as integrity, honesty and reliability can carry them through life. And may very well lead them to greater prosperity—what a nice thought.

Enjoy these TastyTips?

PS. Have one of your own? Let us know in the comment section below.

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