Teaching Your Kids Good Money Skills Its Easier Than You Think

Teaching Your Kids Good Money Skills Its Easier Than You Think

Teaching Your Kids Good Money Skills: It's Easier Than You Think
How many times have you told your kids,​ Money doesn't grow on​ trees? Eventually,​ your children are going to​ have to​ learn that getting the​ things they want requires some effort .​
The sooner you instill this concept in​ your child's mind,​ the​ better .​
Lessons about finances are easy and can be incorporated into everyday life early on​ .​
These lessons can also be fun and if​ you make them a​ game,​ your child might not even be aware that you're teaching anything at​ all.
Parents are all too familiar with the​ typical trip to​ a​ store accompanied by small children dazzled at​ all the​ offerings at​ their fingertips (need we​ really explain further?) .​
Shopping is​ the​ best place to​ start teaching children about money and financial responsibility .​

The first concept to​ get across is​ wants versus needs .​
Most kids will be attracted by brightly colored packaging or​ influenced by television programs they've seen marketing certain items or​ cartoon characters .​
Bright packaging and something familiar is​ followed by Mommy,​ I​ want…!
As you go through the​ store,​ explain the​ choices that you make .​
a​ grocery store is​ easiest for this lesson .​
Yes,​ you understand your child may want the​ Rocky Road ice cream and Neon Green Go-Getter popsicles,​ but you only have so much money and you need the​ broccoli,​ the​ milk and the​ eggs .​
Some things you buy to​ live and eat well .​
Other things you can live without.

While you're at​ the​ grocery store,​ teach your child how to​ compare labels for value .​
Sure,​ the​ name brand package looks fancy and has nice pictures,​ but the​ store brand is​ exactly the​ same product,​ sold at​ a​ lesser price and better value .​
Make finding bargains and better prices a​ game by having your child help you look for sales and help you cut coupons out at​ home.
Another important concept to​ teach children is​ that of​ quality and durability over cheap and disposable .​
Teach your child the​ advantages of​ buying a​ well-made toy or​ piece of​ furniture by letting them help pick out a​ desk or​ a​ bed for their room .​
Show them the​ difference between long-lasting quality and run-of-the-mill,​ assembly line production .​
The mass-produced plastic product might be cheaper,​ but will it​ last as​ long as​ the​ hand-made rocking horse?
Shopping is​ a​ great opportunity to​ teach your children about credit cards and plastic cash too .​
Children should learn at​ an​ early age that the​ piece of​ plastic you give in​ exchange for goods is​ not free money .​
Explain that you're making a​ promise to​ the​ store that you will pay for the​ goods later or​ that they'll accept your debit card because you've saved money and put it​ on​ the​ card .​
Credit cards are also good for lessons about action now,​ consequence later .​
Ask your children what they think might happen if​ you don't fulfill your promise to​ pay for the​ credit card bill when it​ arrives in​ the​ mail? the​ point is​ to​ help children understand that money doesn't just happen and that even though you can't always see it​ or​ touch it,​ it's there and you have to​ manage it​ carefully .​
Children will also learn that money doesn't appear out of​ thin air every time they want something.

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