However, money expense instructions are extremely important because if the kids don’t have financial savvy properly, then they are more likely to get bankrupted, wreck their credit accounts or stuck with the debts issues as they grow up. It is necessary to economically literate them from their younger ages so they can be financially responsible.
We are not asking you to keep telling your toddlers about the expenses and other things but your little souls more than 4 years are big enough to understand the income and expense issues. Never forget to adapt effective strategies and programs which are well-explaining but shouldn’t be stressful for the young minds. Scroll down for the interesting lessons and learning activities to give financial literacy to your kids.
Let Them Be Goal Oriented
It is well said that goal setting is the basic step to be successful. This is why it is important that you set some innocent goals for the innocent minds.
You can do this by identifying their interests. Buying a play station or going to a picnic can be a target for some kids, for which they are ever ready to do anything. Tell them that their dream can come true if they somehow earn or save some amount. This will motivate your little darling and they will understand the value of money.
Wait For The Right Time
Not only in kids, but some adults also want to have everything as they ask. Teach the youngsters that they have to wait and save for some time to buy anything they desire. The problem is that we all love our little honeys that we can’t see tears in their innocent eyes and we instantly buy them their favorite toys and clothes. This is how they become used to get the things immediately and failed to wait for the right time when it’s necessary.
So, ask them to hold on when they want something and tell them that you’ll purchase the toy by the start of new month or you can postpone the shopping till their examination result or you can simply ask the young honey to save and wait.
Your kid may be demanding for any stuff of his interest, it could be buying a new car or a doll house. Don’t shop for the thing at once. Give them pocket money every month and then ask them to save some amount to achieve their goal. In this way your little champ will be able to reach some target through effective strategies of savings.
If you see that your child is patiently saving $15 per month to buy a car worth $60 then encourage him to save more and more. You’ll notice a great pleasure and joy at the face of your little saver when he’ll be successful to give you $60 for the toy car. This will also motivate him to care and love the things for which they have struggled hard.
Let Them Work
Your little champ must know that nothing is free and everything comes from money and money comes from earning. Prepare your darling to work and labor hard for the things they wish.
If your kid is too young i.e. 4-7 years and you couldn’t set him to work outside, then you assign them interesting task according to their age and then give them their desired item. Like you can ask them to clean their cupboard, arrange the closet, mop the floor or anything else which makes them feel tired.
If your child has been grown up to more than 8 years then you can send them to sell the lemonade, dropping newspapers, pet walking or snow shoveling. This will introduce sense of responsibility and value of money in them when they get their reward by the end of the day.