Here’s how to teach your child about finance

It is very important that we teach our children how to use money, if it is already missed.

This is sometimes a bit tiring but necessary.

I’d like to give you some help with this, although a blog post is not enough. So now I just write a few things about teaching young children.

What do we need to teach our children?

The origin of money, the value of work

Saving and investing money
Wise spending of money and value for money
Donation (Well, most adults should be taught this, I have been wanting to write about this for a long time.)If your child can count, let’s count money together.

We play with money, for example, put them in a row, or scratch them on paper with graphite pencils, etc. In this case, we can mention things like the fact that fifty forints is bigger than one hundred forints, but they only give half that amount of goods. If you are already bigger, you can ask him to pay for example $ 300 with the coins he has.

Teach you early on that you have to pay for everything, lollipops in the store, as well as cable TV at home. When the invoice letter arrives, show him that you have to pay it now.

The difference between need and desire is we want a lot

A basic lesson. what the difference between need and desire is we want a lot, but we don’t need everything.

It is important that you understand early on that money comes from work and that it is only available in a limited way, not in the tree room or in the cash machine without limit. A great time to withdraw money is to explain that you have less money left in your account now that you will have to schedule it by the end of the month. (You confuse the kid if you say I have no money to buy the game you are asking for and then, twenty minutes later, withdraw money from the slot machine. So you lied to him because you have money.)

If you go shopping, tell the kid how much money they need to go shopping. Ask them to help you get the job done to get everything done. If you put something in the basket, let’s say it costs you, we only have $ 4550 left. This is a great game to understand the prices, what is the difference between the amounts that a ball costs less money than a video game, but you will not have any money left over if you buy any.

Shopping is also a good idea to note that it’s a bargain now

It’s better to buy it now because we save 20% or compare it to the price tag to see if a bigger pack is cheaper. (Of course, let’s explain to him the essence of the action, not buying something we don’t need, just because it’s cheaper.)

If you pay with cash, let him pay and take the return, which you count together.

Listing is also good for showing that at least 20-30% of your purchases are impulsive, unplanned purchases. This is how we usually take unnecessary, fattening and expensive things. When we go home, let’s review with the child if we have managed to keep to the list. If not, let’s see what we bought plus and whether they were needed. If the task is successful, let us praise ourselves.

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