I feel that i didn’t learn the value of money as a child because it was not part of my education at home. If you don’t teach your children about money at an early age, you are making a mistake you will regret all your life. There are many ways you can teach children the value of money.
These may include :
1- When children start counting, teach them about money. Talk with them about saving, investing and spending.
2- Help them to distinguish between wants and needs.
3- Teach them how to set goals. The benefits of saving encourage the child to set goals.
4- Teach children to save instead of spend. Explain to them that they can earn interest on their savings, and pay them interest on money they have saved at home.
5- Teach children the disadvantages of borrowing. Charge interest on small loans you make to them so they will learn how expensive it is to use someone else’s money.
6- Take children with you to a bank and open a saving account. Many banks have programs that ancourage children to save.
7- Help children learn to keep good records of money they save, invest or spend.
8- Etablish a regular schedule for family discussions about finances. This can be the time when the children count their savings and receive interest.
9- Teach children how to evaluate ads on TV, radio and in print. Will the product really perform and do what the commercials say? Is it really a sale price ? Are there better products for a lower price ? Just because something looks expensive doesn’t mean it is the bast value.