Kids and Money

Do you want your children learn on how to save their money?.

Here is how to make it possible:

1. As soon as children can count, introduce them to money.
2. Communicate with children as they grow about your values concerning money.
3. Help children learn the differences between needs, wants, and wishes.
4. Setting goals is fundamental to learning the value of money and saving.
5. Introduce children to the value of money versus spending.
6. When giving children allowance, give them the money in denominations that encourage saving.
7. Take children to a bank to open their own savings account.
8. Keeping good records of money saved, invested, or spent is another important skill young people must learn.
9. Use regular shopping trips as oppurtunities to teach children the value of money.
10. Allow young people to make spending decisions.
11. Show children how to evaluate TV, radio, and print ads for products.
12. Alert children to the dangers of borrowing and paying interest.
13. When using a credit card at a restaurant, take the oppurtunity to teach children about how credit cards work.
14. Be cautious about making credit cards available to young people, even when they are entering college.
15. Establish a regular schedule for family discussions about finances. This is especially helpful to younger children-it can be the time when they tote up their savings and receive interest..

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About Jomar Lipon

Web Developer at your service and frustrated blogger in Cebu. Author of JomarPH.com, SEO Specialist.