After so many birthdays and Christmases, there comes a time to teach your kids about money. To be honest, for children the topic of money is not fun in fact it’s quite boring. It is however important that they understand the concept and the value. You want to make sure the children grow up knowing these things.
I personally regret not knowing how to budget until I was well in debt. Now I know the benefits of being educated on finances. Unfortunately, numbers are not everyone’s friend. So for kids, we need to make it fun. Below, am listing a few money-saving activities that you can do with your children.
The Pizza Budget
Using Pizza to represent a monthly budget is a good way of representing the different parts of a budget. The pizza as a whole would be the whole monthly total income. Different slices become different sections of your budget. For example, one slice can be groceries, another slice bills, rent, and etcetera. It’s a fun way to use Family Pizza night to educate your children about finances.
Start an early habit of saving
What’s a piggy bank early on to introduce saving actual money. To help them learn the value of money I have, slowly allow them to spend their own money. Give them the opportunity to make choices of the save or lose what they have.
Enforce the importance of saving by discussing growth. Instead, give them a goal to save for. This also teaches goal setting and planning. Money is not all about spending sometimes it’s about saving for better things.
Grocery shopping as a Money Lesson
Grocery shopping is a good way to teach a lesson about money especially with prices and transactions. I know it may seem like a lot to take your kids with you to the store but it makes it easier to learn. You can talk about prices comparison, price value unit cost, and discounts With Coupons. All these valuable lessons they can learn when they get older.
Make crafts and sell them.
Similar to the lemonade stand you can teach them the value of a dollar by selling something they made on their own. It can be bracelets, holiday crafts, candles, and more. They can learn some business skills as well building a business plan. Put their selling skills to the test by having them pitch the product to you. You can get really creative with this project.
Working to earn money
Is there a special project around the house that you want to work on for the summer? Or chores around the house in exchange for a reward? Work in exchange for a payday is definitely something you can teach to your children earlier on even while they’re in school. This is when they know the real value of hard work.
Soon they will learn that making money is not easy. Also just a tip for when you are paying allowance for chores being completed. Not all chores should require payment, for example, things that they’re supposed to do. Instead harder tasks around the home should equal the value of allowance. Babysitting could be one of them. That was one of my first jobs like many as a teenager.
I hope some of these examples give me the courage to start putting these techniques in your house this week. It’s always best to learn important life skills earlier on. I think it’s really important that all children learn something of value, and that includes their future with finances.
- How To Build A Virtual Assistant Portfolio
- How To Become A Virtual Assistant (Even Without Experience!)
- How to Save Money Without Sacrificing the Little You Have Left
- How to set short term financial goals and make them success
- How to Open a Chime Bank Account and What You Need to Know