Few children in today's generation know the real value of money. Seldom would you see children who really understand the concept of spending and working for money? Not many parents are able to teach their children these things. I wrote a dissertation ( http://www.dissertationhelpsquad.co.uk/ ) on this topic so I'd love to contribute this guide to my fellows.
As parents, you should be able to introduce to your kids the idea of saving money. They need to understand the importance of money and the need to invest even at a young age. You may want to consider these guidelines to help you in teaching your kids to save money:
- Explain to your kids what money is all about. You may start doing this once you see that your kids are already able to learn how to count. You need to do this every day and be patient with teaching them. It may seem difficult at the beginning but they will be able to understand if you are only consistent.
- Make them be aware of how important it is to save. Allow them to ask questions about household finances and how you manage the household budget. This, of course, must be explained to them in very simple ways.
- You can motivate them to save money and you can start doing this by opening a savings account for them. You can motivate them to allot a portion of their allowance on their savings. One way to keep them motivated is by giving a prize to whoever earned the highest amount in their savings.
- Explaining the value of spending money can also be done at home. You can assign some household chores and pay a small amount once they were able to do it. This will help them realize that money is not earned easily and should be spent wisely.
Teaching your children the concept of money is not a difficult task as long as you know the proper timing and the proper words to use in teaching them. Your children will be able to learn easily as long as you are patient and consistent. Understanding the value of money will make your children grow up as responsible individuals and citizens.