When you are able to instill good types of money habits at an early age, you have achieved teaching one of the greatest life lessons your kids will ever learn. Today’s technology holds advantages in various ways to add fun when teaching children about money.
If you are able to start teaching money lessons to your kids at an early age, your children will benefit from these lessons later on in life. It is advisable to start these money lessons as soon as your children start asking you to buy them things. By making your children understand that items cost money, they are able to comprehend and respect items they receive.
One of the first important lessons in raising your children to become financially responsible is to make them understand that money is something earned. When your children start learning about money the money topic should be an open, friendly and approachable subject. If you are the type of person that feels uncomfortable about money, you can ruin the experience for your children. In this case it may be best to ask your partner to take over.
It is vital that you never argue or have fights about money around your children. If you have constant fights about money with your partner, your children will grow up viewing money negatively. Below are some fun tips and ideas that you can use to make the subject of money fun for your children.
Pay in Cash
Avoid paying for items with your credit cards in front of your children. Pay for items in cash and allow your children to hold the notes and pay the money over to pay for the items. If your children are very young you can start with coins. Let them put the coins into parking meters and explain to them the coins are paying for the time the car stays in the parking spot.
Use the Latest Piggy Banks
The traditional piggy bank does not teach your children much about managing money. Piggy banks can make children distrustful as they are unable to see the money placed into the piggy. Today you can use a “Money Savvy Pig” that is see-through and features four slots. These slots are named: invest, donate, spend and save. This will teach your children to diversify their savings.
Use the Internet to Find Age Appropriate Money Games
You can find really good money games for your children by using the Web. One of the interactive sites you can try out would be Doughmain.com which offers child friendly games and tools around money. Many banks now offer online tools for children to learn about money and financial lessons.
Invest in Money Board Games
One of the easiest ways to teach your kids about money will be to introduce some fun board games. Find games that include expenses that your children can learn about from college up to the stages of retirement.
Be sure to always be open and honest about money and make your lesson fun, but at the same time useful so your kids will learn how to appreciate money.
Laura Greening is a mom and a write. She loves to write about kids and parenting. She is currently working as a consultant Wallao.com, a flower girl dress store, based in Los Angeles, CA.