The Most Effective Way Of Teaching Our Kids To Spend And To Save Money

When we already have kids on their early adolescent stage, it's very difficult to motivate them to be more compliant to us parents. During this period, our children are older and more mentally and physically mature. So, we expect them to be capable of doing simple house chores such as making their beds, washing dishes, sweeping the yard, putting away clean laundry and even cleaning the house. At this point, our kids even start learning how to cook. To top it all, we are teaching them to learn how to spend money wisely. Many parents choose to give children a small amount of money for completing certain chores. By doing this, children are taught how to spend and to save money at a relatively early age. We can help our children learn about spending and saving by setting a good example of the value of thriftiness and having discussions focused on this topic. For example, letting our kids know the cash flow of the family. Then, let them help on the budgeting. List the things that need to be bought. Allow them to see which is needed or not. Thus, we let our kids realize how to separate the needs from their wants. Children are most likely to learn and take to heart these important money-related skills and values when they see us actually doing these things rather than just talking about them. Therefore, it is useful if we can let our children see us in paying bills and going to the bank to save money, and setting up and following a budget, rather than hiding these activities from our children's view. We can also have a piggy bank at home. We can show them that no matter how tight our budget is, we still allocate a small amount for savings. Having a reserved fund helps a lot especially in cases of emergency. We also need to have an open and honest conversations with our children about money so that they can appreciate the fact on how the family gets money, and how that money is spent to provide food, clothing, shelter, medical care, education, etc. By showing children that obtaining money requires hard work and a lot of effort, they will know how much money must be budgeted just to provide for the basics of life. Thus, parents can help children better appreciate the value of money so that they are less likely to waste it on useless things such as buying toys instead of food. Our kids may find it hard to appreciate what we go through just to provide them food and shelter. It may be easier for our kids to understand if money discussions are put into concrete terms children are more familiar with like spending money on a computer games. We can assist our children in understanding concepts like budgets by helping them set up their own budget. Thus, setting a good example still remains the most effective way of teaching our kids to be more responsible in spending and saving money.
This article speaks of the most effective way of teaching our kids to be more compliant and responsible.