Top Ideas to Arm Your Children With Money Facts
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It’s a sad fact that the most children of today don’t learn the money skills needed to equip themselves for adulthood. Here are some ideas you can use to show your young ones how to responsibly use money.
1) Rather than just using the cash machine to draw money out of the bank all the time. Why not take your child into the bank and pay money in for a change. This will help to show that you have to have money in the bank in order to remove it.
2) Try to explain to your child the difference between “want” and “need”. They may need a new pair of shoes but may want the latest fashionable ones that are too costly.
3) Try to get your child into the habit of saving. Use a clear jam jar and label it with something they really want. Such as Legos or a colouring book. When the get their pocket money or money from relatives put it in the jar and when they have enough to buy the item take your child to the shop and let them pay the assistant. This will reinforce the lesson of saving for purchases.
4) Some parents make their children save a few pennies in an additional jar and when that reaches a few pounds they give that money to charity. This lets the child know that just because they have money doesn’t mean that it is all theirs to spend and that some of it has to be given away whether that be to charity or the tax man.
5) Tell your child that they cannot have everything instantly and that alot of pleasure can be derived from actually saving hard for an item they really want. They are more likely to take greater care of the items when the buy them too.
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