MOV Parent: Teach Your Children the Value of Money | News, sports, jobs

(Money is important – Photoillustration/MetroCreative)

“A penny saved is a penny earned” — “Money can’t buy happiness” are two quotes that we have all heard and are familiar with, but the real classic saying is that ‘money doesn’t grow on trees’ which is often used by parents to emphasize the value of money.

Therefore, it is very important that children learn not only the value of money, but also how to earn money, budget, save, etc., which requires adult supervision.

1. Teach them how to make money.

It’s easy to spend someone else’s money when it’s given to them for free, without any effort or responsibility to earn it. Only when the child is working will he or she fully realize and understand the importance of evaluating and using common sense when purchasing different objects or things.

For example, if they want to buy a pair of shoes that cost $100, make sure you point out to them how many hours someone would have to work to earn minimum wage. This will help them evaluate, calculate and value money, and provides a good time for a parent to remind them “Money doesn’t grow on trees”.

If your child finds a part-time job, it will greatly help him build responsibilities and also understand the value of money better.

2. Save money

It’s also very important to teach them to keep a small portion of the money they earn before they start spending, and not wait to save what’s left.

A good practice is to open a savings account at a bank where they can regularly deposit part of their earnings and even watch their money grow a little.

3. Spending money

It’s an excellent practice to make sure your child isn’t overspending and has enough money saved to fully pay for the item they want to purchase. Avoid using a credit card and avoid the practice of “Buy now – pay later.”

4. Borrow money

If at all possible “Avoid borrowing money.”

5. Manage money

Teach your child to budget and discipline your finances, otherwise finances will end up disciplining you.

Have your child set up three jars: one to save money. – one for money to spend and a third for a tithe or charitable purpose. These three methods will help them develop good, solid financial habits.

There are many financial games like Monopoly that can also make it fun and educational while also making it interesting.

See you next month