Financial Education is one of the most crucial aspects of Child Rearing. As money is the wheel on which life is moving, teaching the value of the same is of utmost important. To explain, the lessons people learn in childhood have a long lasting impact on their minds. Hence let’s discuss 10 money lessons one must inculcate in their child before they turn 10.
What is money?
It is imperative to teach kids about the role money plays in their lifestyle or the type of choices they make since childhood. They must be taught to value their toys, clothes and food by narrating motivational stories and by playing different kinds of games.
How important it is to earn money?
It is quite difficult yet important to involve children in money making activities so that they can have the pleasure of earning something on their own. It could be achieved by putting their old unusable things on sale so that they can know the importance of those things and can get something new with the same money.
Give children a particular amount of money on a regular basis and also allow them to use it. This would make them to be relentless while over spending as it would impact their further choices.
Help them Analyze
Parents guidance will help them to analyze their steps as well as to instill the confidence of making better decisions with better alternatives. In short they could learn the value of different things considering different parameters.
Make them wait
Let the kids know the value of money by making them wait to grab their favourite wishes. This would have a direct influence on their spending habits as they will learn to save at the same time they can differentiate between important and unimportant products they spend on.
Involve them in Financial Decision
Although children at this age would not be able to understand the complexity of finance, it is suggested to involve them in different decisions such as grocery shopping etc.
It would be great on the part of parents to plan innovative team games based on money and spending, to educate them about the consequences of being a spendthrift.
Narrating past experiences
Take some time and narrate your own life experiences to children by adding some fiction so that they can be able to relate to such situations. This would make them learn the value of safeguarding their future with the wall of money.
Value of loved ones
In the process of teaching the value of money, one must not forget to let the kids know the importance of loved ones. They must know to earn and spend not just for themselves but for others also. Having loved ones around you is as important as having a stable financial future.
Helping the needy
Man being a social animal must know the value of giving back to society. Hence it is all the more important to instill this among the kids. They must understand the pleasure of giving to the less privileged.