Tuesday, July 16, 2013

Teaching Your Kid About Money

Having been raised from a middle class family where both of my parents were working  on meager income, I could remember  that we couldn't get anything we wanted compared to some friends.

And, since it was always imposed on us that earning a living is hard, we have to be spartan in so many ways. Now, that I have my own kid I just have to teach him practical ways to know that value of money.

Experts suggest the following activities for kids:

  • Engage the kids in computing the bills including budget for food, education, communication and alike.
  • Explain to kids that some have more while others have less and knowing that they have enough will make appreciate what they have
  • Distinguish wants, needs and the impossible.
  • Teach how to earn their own money  like selling juice or home - made candies.
  • Involve them in your shopping. Let the kids pay for some stuffs.
  • Teach the kids to save and having their own savings account will encourage them to save.
  • Explain to the kids the use and nature of credit cards as responsibility of paying can be toll for not paying promptly.
  • Discourage the kids about debts.
  • Show to kids how to reuse and recycle and how they can make money from these. A visit to thrift shop can help.



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