Managing Money is a life skill which we all should learn from our childhood days and how important it is to spend or save wisely. I wrote a post last year on “Saving for the lifetime” which many parents found useful and thought to share 5 money lessons to teach your kids.
For kids, it is easier to think that buying anything they wish for is available with just a card swipe and they will get it. At the same time, it is very important to teach them about saving to get something for themselves and not everyone is privileged to have it.
I remember as a kid how exciting it was to save every single penny which dad left on the table for us to collect and save them. As a reward to save, we would get some bonus money to add to our savings. We still do that our home with coins and letting kids save them.
A couple of weeks back, Aayan asked us, “Can he along with his friends do a garage sale in the condo with books, toys etc they have already used so far, to buy more books?”
We asked him, “How you all are going to do it?” He said, “We have coordinated and planned everything right from the printing banner, posting and informing the residents.”
All of them are around age 10 years so not big enough to think about earning money on their own. Loved the enthusiasm and positive approach these young kids had towards making it a success.
On this really hot summer afternoon on the rooftop, they have setup their tables with a limited time frame of 3 hours to go!
5 money lessons to teach your kids
Some of the basic tips which we all can follow to teach our kids as they learn from experiences whether big or small, good or bad.
- Piggy Bank:
It started with savings different currency coins which were left after our vacations and slowly that hobby of collecting the different currencies turned into the habit of saving coins in his piggy bank.
2. Learn to Say “NO’:
As a parent, we have to learn to say “No” at times whether you can afford or not. Saving doesn’t mean to refrain yourself from the things on your wishlist but to make sure that spending wisely will help you in the long run. Buying everything on the shelf won’t make a good parent and not buying makes you a bad one.
3. Be a role model
You can’t expect your kids to learn something which you have never followed! There are many important lessons which we want to teach our kids from the young age and effectively managing the money is one of them.
4. Make a wishlist:
We all have a wishlist be it travel, luxury stuff etc and kids have their own dreams. Ask them to make a wishlist and work towards achieving it.
5. Make them earn money:
This is the reality that every single penny earned is so precious for everyone and when kids get to earn for the first time with all the hard work and efforts it is totally the most valuable asset for them. Trust me it is hardest to spend from the earned possession.
It is not a child labour just another life skill which you get to expose your kids from an early age and it is definitely going to help them in a long run.
All of them really did a hard selling to convince every single person who has visited them to buy the stuff with the deals, offers, promotions even home delivery. What do you think how convincing they were to sell their stuff and to decide on the money part?
Irrespective of whatever they have sold on that day they decide to divide it equally and that is a foundation to grow more in your life!
Super proud of you my boys!
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