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14 September 2017

6 Best Tips How to Teach Your Children to Manage Their Own Money


Actually, at what age do we teach the concept of money in children? What about financial planning for our children? When is the right time to teach our children to manage finances well? Maybe, when our children are familiar with numbers or taught to count in school.

Actually, any age is the right time to teach our children about the concept of financial planning. Lots of children who already know the money, but they have not understood the concept of money itself like what or they just think that looking for money is easy or my parents always have money.

1. Determine the financial goals

Everyone must have a purpose in life. Even when we go out from our house, we must have a goal even if just go to a restauran or just playing to the neighbor's house. So also with children, before we teach about the concept of money or the concept of financial planning, teach them about financial goals. From these financial goals will arise their spirit or encouragement to do something. That way we can easily teach them about the concept of money and the concept of financial planning.

2. Teach about the concept of money and saving

When can we start teaching children to save money? The answer is as early as possible. We can teach in a simple way such as inviting children to buy and choose 'piggy' itself or we buy a funny piggy bank or shaped their idol cartoon. That way the children must be more spirit and diligent to fill the piggy bank. In addition there are many benefits to be had if you start teaching children to save. One of them is self-reliance, not easy to hang on to others, and responsible. Giving understanding to your children about the concept of saving also makes they more understanding about the concept of money because they must not really understand what it is money, for what, and where it comes from. We can also teach that each sheet or coin of money has different values.

3. Use an interesting game

One of the way to introduce the concept of financial planning to your children is interesting game or play together. One of the interesting game is monopoly game. In the monopoly game, children can understand how to earn money and how to use the money. we can also take a family member to play monopoly.

We can also make the game at home, for example changing room be like supermarket, the game is quite fun. Give your children paper toys and paste the paper that contains the price on the item is in his room. Ask for children to shop these items with the money. In addition to teach about the calculation in shopping games this also teach our children about counting. Because teach children the concept of money or planning don't need a way that complicated, just need a way that fun and exciting.

4. Create a list of the work and give reward

We can desire and help them to make a list of the work. If your children successfully their homework give them the award. Award which can be points. Points that has a value which points can be exchanged goods their favorite if points are collected. These activities teach children that earn money is not easily, we have to work or sacrifice to first new earn money. So they could be careful in using the money.

5. Involve the child in the daily activity

The fifth way to teach children the concept of financial planning is to involve directly in our daily activities. For example we take the children shopping at the supermarket, or invite children to save in the bank. children are great imitators. Smart or not the child in managing the finances is the result of imitating their parents.

6. Teach charity

We must remind our children that the property we have is partly owned by others. The early stage of teaching children to share is by sharing toys or sharing food and drink. Children must also understand that it has to be practiced. Teaching charitable children can train their sensitivity to care for others in need.
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