Posted On: October 17, 2018 by Exchange Bank of Northeast Missouri in: Budgeting General Personal Finances Savings
Finding ways to make money fun can be difficult when working with your little one. However, starting money management off right when they’re small is a must! Use these tips and tricks to teach your child to be a successful money master.
Utilize Clear Jars
Use a clear jar to allow your child to see their money grow. Just talking about how their dollar from yesterday is two dollars today doesn’t click for them. Let them put money into a place where they can continuously see it grow larger and it will maintain their interest in the saving lesson. Show excitement when they add to it because if mommy or daddy is enthusiastic, they will be too!
Start an Allowance
Help your child learn that time is money. Unloading the dishwasher could be worth a dollar while folding all the laundry could be worth two. If one job takes longer than the other, show that with the amount they earn. Help them see that money is earned, not just given.
Make It Visual
Your youngster will not understand the concept of saving by simply discussing it. Their short attention span calls for some innovation. Make a chart for chores to help them stay on task, and color in the square next to the chore when it is complete. Different colors can help classify the chore as worth more money or of higher importance.
Teach Them to Give
Generosity is also an important lesson to teach at an early age. Have your child pick a cause they are excited about - pet shelters, for example, are a great choice! Your child can see where and what their money is going to. Helping others is a great quality to establish for the future. If they don’t know where to donate, give them options such as the donation plate at church or a local food shelter. You can also find a place to volunteer their time if money isn’t an option.
Introduce a Side Job
If your child wants a LEGO set, and they want it now, show them additional chores to do as a side job. Giving them extra ways they can make money here and there can teach them to have a high work ethic. Sometimes you need to work a little more to get the money you need. Setting up a “For Hire” board can help your kindergartner pick up some extra cash by sorting dirty laundry, emptying trash cans or picking up their toys before mom or dad mows the lawn.
These ideas will help aid you in teaching your children that money doesn’t grow on trees. If you’re looking for other financial lessons and ways your child can learn about saving, stop on in. We’d love to set up a savings account for your youngster!
Exchange Bank of Northeast Missouri
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