Do You Know What’s the Most Important Factor In An Allowance for Kids?
What do you think about paying an allowance for kids as a method of teaching them about money? There are many opinions on this subject and who is to say which one is best?
Some present arguments saying an allowance for children is one of the best ways to teach him/her to be financially responsible. Others, however, present evidence that is just as convincing to the contrary. Both sides do agree that paying an allowance for kids will only work if the child is old enough to count money.
Teaching children about money and how to manage it early on will prevent them from having to go through the debt vortex so many Americans find themselves sucked into. Schools are lacking in any real, useful knowledge about money management so the responsibility is on you to teach your children.
The earlier they learn the more comfortable and wise they become about personal money management for kids. Be proactive in teaching your children about money as well as your grandchildren.
If you have read the other articles on my blog, you know how much I advocate children learning early money management skills. The earlier children learn about money, the better. Small children can begin with counting money games. Children who learn counting money games and practice early money management skills benefit in the following ways:
They never develop poor spending and savings habits that lead to debt later in life.
They are taught an early sense of responsibility and make wiser choices.
They avoid the negative connotations of money and rarely have a financial lack mentality.
The current mentality in our society about living above your financial means and having a lot of debt will not be carried forward with this generation of children.
Reason number 4 is very important and affects us all. We can bemoan our current society’s spending habits but until we make the changes that bring about a new way of doing things, we are wasting our breath. Complaining about something is worthless unless we are backing it up with action. Teaching our children from the ages of 2 or 3 with counting money games brings about a change in their mentality. Pushing for early money management programs in our schools are equally important. Again, we should not wait for someone else to do what we can do, so teach your children financial responsibility and don’t wait for a school system to get on board before you do. Children learn best by seeing and doing something, instead of just memorizing. Here are some ways to teach counting money games to children:
5 Tips to Teach Children about Money to Ensure a Profitable Future
Most parents want their children to be more successful than they are. The best start parents can give their children to secure future financial success is to teach children about money early in life.
Parents have the benefit of spending and saving experience that they can pass on to their children, hopefully reducing the learning curve their children would have to go through.
While money does not buy happiness, it does buy options. Giving children options often opens up new and creative ways to think and act.
The first step to begin to teach children about money is to make them comfortable with money. Too often children hear negative associations with lack of money, such as; parents worrying about bills or wanting something but not knowing how to pay for it, etc. They need to know that money is fun and not all lack and stress.
The best ways to engage kids in learning is to make it fun, and this is why money games for kids can be very successful. Kids are no different than adults. They lose interest, their mind wanders, and they become sleepy when lectures are boring and without much interaction. Many alternative schools have learned the value of the importance of child participation and making learning fun. Even though education is serious business that does not mean it has to be boring and stuffy.
Boring and stuffy; that is how many people feel about money management. What if you grew up learning about money in a fun way? Then when you began to learn money management skills at an early age, dealing with money later on never became a boring chore. This is how we should be teaching children. Children should be excited about money so they grow up into adults excited about dealing with money.
This article is dedicated to fun money games for kids. Kids can begin using money in counting games as early as 3 and 4 years old. This starts them off early and gets them headed in the right direction.
Fun Money Games for Kids –ages 5-10
A glass jar game. Have your child pick a toy they want and write down the cost of the toy next to their glass jar. Tell them they will receive coins in exchange for small jobs. View full post…
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