Your Child Must Learn That Work= Money

Category: Finance.

As a parent it is your role to teach your child how money works.

A small investment for your child while he/ she is young could make them a lot of money for their retirement. Your child must learn that work= money. If your child is taught how to make and save money from early childhood, they will be a lot less likely to have financial problems when they become young adults. Teach your child to be comfortable enough to come and talk to you about money. They need to learn the power of investing early in life. Teach them how money is going to impact their lives. If they see that what you are telling them is working for you, then they will know that it will work for them.

Modeling for your child is the best way to teach them. Don t say, "Do as I say, not as I do. " Learning the concept of earning money is an important lesson to learn early on. If the child takes the dog for a walk then he will earn. 50 cents. Make a list of chores with a price next to it. The best way for your child to comprehend money is using real life examples. Let your child pay for his/ her own item at the checkout lane. They need to learn how to count money, once they have the hang of this, the lessons really start to roll in.

Don t say, "Give me your money and I will pay. " They need to see the money they earned coming out of their pocket and being handed over to the cashier. It is better if they are clear so that they can see their money grow. Buy three piggy banks and line them up on your child s dresser. When they earn money they need to split that money up between the three banks, one for spending, one for saving, and one for helping others. The act of giving is very good for your sole. It is very important to teach your child to not be greedy with their money.

It makes you a better person. They need to be taught to save money over time, as they will need to save for the rest of their life. The act of placing this money in each piggy bank isn t just a lesson of the month. This is an ongoing lesson for them. This will help make their character.