5 Very Useful Ways to Teach Your Children the Value of Money
Irrespective of whether you are a wealthy family or a not-so-affluent one, teaching your kids the value of money is important. Among the several reasons why you should teach them the value of money, the most important one is to ensure they do not become snobs. Simply because nobody likes snobs – neither adults nor children. So, check out 5 very useful ways to teach your children the value of money.
1. Limit daily allowances
One of the best ways to teach your children to value money is to give them a limited daily allowance. Give them just enough money for the necessary things like transportation and eating. Tell your child/children to work their day out within a budget. Handing over too much money to a child is anyway not advocated.
2. Give them grocery shopping lessons
Grocery shopping can be a fun activity when you involve the children. Take your kids along to the grocery store and tell them to look for alternative items that are cheaper than the ones you’ve picked up. Ask them to compare the prices and see how they can save some unnecessary expenditure. If your child is old enough to calculate, then tell him/her to take out all the grocery items, check each one’s price and add them up (even though you probably have the cash memo). This will make your children realize that things don’t come for free.
3. Get them an account in the bank
Take your child to the bank and open an account in their name. The idea of having his/her own bank account will not only elate the child, but they will also cultivate the habit of saving money.