Your kids will learn about the Money but don’t let them learn it from friends or social media. There are many ways to teach your kids about money. You can have a Kids Money workshop at home. They understand the art of earning and spending from you. Here I will tell many ways to talk kids about money. Kids money workshop consists of two parts. You can talk bout money and teach kids about money.
Tips for Talking about Money
- Start Slow
According to surveys, a high number of parents are reluctant to discuss money with their children. And less number of children say, they talk a lot with their parents about Money. You do not need to set up a two-hour discussion to evaluate bank balances and retirement plans. Start by answering your children’s questions in a timely manner. You can talk while having dinner or while watching television.
- You may be surprised at what they know.
- Once they are comfortable with this conversation, they may ask more and more questions.
- Be honest
If you regret being in debt or not saving for school, tell your children about it. Parents rarely have open and share real conditions with their children. Instead of hiding your financial failures or when you have no money, tell your children the truth. If you have accumulated debt in the past and have a problem repaying it, share it. They will learn lessons about overspending and the need for investment.
- Talk values
If you are hesitant to pass on your wages and large expenses to your children, don’t worry. Your kids don’t want to know about them. They need concepts like savings, budgets, debt payments, and donations. To help your kids get a feel for the real budget, encourage them to download the EveryDollar app. They can use it to monitor their spending. Creating a budget seems like a new experience. And if they survive within the budget, they will be one step ahead of the curve when they reach high school.
- Family Goals
Ask your children to sit down and attend family budget committee meetings. Remember that you and your spouse are adults and make the final decisions whether you pay off debt or save for the future. You can celebrate reaching milestones with your children. As a family that sets goals, remind your children that goals require sacrifice. It might mean not going to college, not having toys, or skipping your vacation. But they can be catch up – especially when they understand that these victims also affect their future.
- Learn together
Finally, you can address topics you may not understand – such as mutual funds and money market accounts. If you are not entirely familiar with these topics, that’s not a problem. You can research together to find ways to secure your future.
So take care of family finances, but keep it simple. Start the conversation, be honest, learn, and lead by example.
Tips for Teach Kids about Money
There are many ways to teach kids about money.
- Online shop with kids
Imagine that, your son needs a video game and you agreed and want to buy it online. If your child has never shopped online, now you have a great time to let them make the purchase. During tracking, you may need to explain a few things, such as: Why is there a three-digit security code on the back of your credit or debit card. Your child learns to buy and experience with Money before being left alone as a teenager.
- Stress the importance of curbing impulse purchases.
If your child is entitled to a supplement and your Money is spent on toys, books, candy, etc. There is an easy way to teach kids how to avoid customer regrets. When kids start spending their own money on toys or tools at stores, mom or dad can save the receipts of those purchases. After two weeks, the investments can be reviewed.
- Discuss big purchases with your kids.
When making a big purchase like-new car, or taking a big vacation, talk about what you considered in making that financial decision. “How long did you save? Does shopping have any special meaning or significance to you? This can teach kids the values of saving.”
- Encourage teens to get jobs and earn money.
If you have a younger teenager, you can suggest them to look for opportunities to take care of the kids or charge the lawn for Money. If you have older teenagers, you can help them to get a job in a restaurant or retail business. When a teenager starts working, they will understand the works you do to fund your family lifestyle.
- Talk about “opportunity cost.”
Opportunity cost is describing one person’s ability to decide which one can prevent, buying another. For example, if you spend a lot of extra money on lottery tickets, you may not have money for a vacation. That is to say; you only have a chance. If your child wants to spend part of his birthday or add Money for something they think is silly, you may want to put the idea behind the opportunity cost.
- Encourage your kids to give to charity.
Give your child a benefit every week and persuade you to spend a little each week on charity and savings. If the teenager is old enough, you can go on a trip to a blood bank together and donate blood instead of Money.
- Help your children open a bank account.
You will probably give Money as a benefit or gift during the holidays. You can help your teenager regularly monitor and deposit the money in their bank account. In addition, linking your teenager’s bank account to their own can ensure that your child does not make disregarded spending decisions.
Following the above two steps, you can have a kids money workshop at home. This improves your child’s financial literacy.