PIGGY BANKS TO BANK ACCOUNTS: 6 Tips on raising money smart kids

Money management is an important skill even kids need. I believe that’s what piggy banks are for.

As a parent am definitely not ready to have to take care of my kids when they are grown adults as I intend to retire in luxury. In fact, I would not want any of my kids to think an inheritance is their way out.

How about they make their own funds?

But, wouldn’t it be a lot easier if from the onset they were taught more about the money language as children? But, clearly, the school syllabus is not so keen on this topic.

Train up a child in the way he should go, And when he is old he will not depart from it.

Therefore, as parents here are six important lessons to teach our kids about money:

1. What is the value of money?

I have seen kids exchange a dollar for a cent, or a 100 dollar for 1 dollar as long as the dollar looks cleaner or they’ll see a cent and call it money and drop the dollar.

Have you taught your children what money is? Or how to value it?

As soon as a child can understand, they should be taught that 1 dollar will buy a candy, and 100 dollars will buy 100 candies.

Teach them to equate a currency to their favorite product, as it is easier that way.

2. How to earn money

Let children learn the difference between chores and work.

Chores include; making their beds, housework such as washing dishes and the house, doing personal laundry, and many more. These as expected to be done and not paid for.

These should be equally shared in the household irrespective of gender but respective of age.

There should be other duties termed as work for example; babysitting, gardening/farming, arranging the parents’ office, washing cars, and many more as per your home dynamics.

Once work is done by the end of the week the parents reward through actual money that can be put in a piggy bank.

3. Saving through a piggy bank

When my youngest brother was eight, he had a damaged piggybank and would count his money every evening, even on days when nothing was added and the amount was still the same.

It is fun to use and very effective in teaching about money.

Whether the funds received are a payment for work done, an allowance or a gift, always let the baby put the funds in the piggybank themselves.

And when the piggybank fully holds their hand take them to a bank and let the funds be put in their actual bank account in their presence. So go get one today https://shorturl.at/GH245.

4. Delayed gratification

Let’s assume your kids want a certain toy or dress it is not part of your budget and it is not their birthday yet or a holiday so you can’t gift them yet.

Allow them to work for it get an extra jar apart from the piggy bank and label it i.e. “Rachael’s doll house”.

Part of their money is put in the jar until the targeted amount is hit, and then they are taken to the store to purchase it.

It makes the child feel Independent and capable, and In the future, they will learn to save up for a product rather than buy on debt.

5. Contentment

This is the most important aspect of money management. It will stop children from getting money illegally or going to extremes to meet their needs.

Always tell your kids “there is no shame in not being able to afford it”.

This statement will boost confidence and make kids feel like they don’t need to conform if they need it they can work for it.

6. Giving

Kindness is nurtured in the art of giving, and smart giving. Teach kids to give and have enough for their needs or simply share.

I have met adults who can never give believing they do not have enough.

In a Christian home teach your kids how to tithe the 10% of their earnings no matter how small.

While on the streets let them help the needy with food or funds, and when faced with events to help the less fortunate allow them to take part.

CONCLUSION

Responsibility is paramount in raising all-around adults, and while money answers all things why not loop in your kids on what society expects from them.

For more information on financial preparedness https://businessbyartsie.click/?p=2045.

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