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[Parenting] How to give your child money education

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▲ Photo Source: Pixar Bay

One of the most important children's education is to teach children money-related knowledge. In particular, financial conscience is one of the most important factors in living in this world where you have to spend all the time. If you teach your kids the value of money in a simple way, they will recognize the role of money and will help you make wise decisions about money in your life in the future. From basic parts such as savings in piggy banks to more complex parts such as budgeting, if you remind your children of the wisdom of money, they will not grow up to be too demanding and will be able to make specific decisions about their property . In addition, children who have learned the wisdom of money can become independent from their parents at an early stage. Teaching money to your child should begin as early as possible. Be sure to always start with the basics and help your child understand the importance of education and, when possible, reward them for what they have learned. There is a basic education method that helps both children and parents to grow financially.

First education: Money does not grow on trees. It may seem cliche with the most used words in the world of money, but this sentence is not a lie. Money for a child should not only be brought by the mage when it is needed, but must be able to imply that it is something that can only be gained by doing it, so that it understands the value of money and has a sense of responsibility for what is given. Nicole Dicolles, editor of Parent magazine, Parenting magazine, said, "People work to make money. The bank should explain to the children that it is a safe place to keep the money. "When we go through education, we have to leave a critical view on the recent economic crisis." Teaching Secondary Education: How to Spend Within a Budget To learn how your child deals with money, one will need money. When you start your education, you have to make a simple budget and pay enough for it. It's a good idea to leave them alone when they spend money to buy useless stuff. Because if you do not make the right consumption, you will realize that you will miss what you really want. For example, if children spend too much money to buy character dolls, they can not buy their favorite snacks later. This will be interpreted as a lesson on how to budget appropriately. "Parents want to teach their children about budgeting as soon as possible," said financial expert Shenya Steener. We can build a foundation to successfully manage our own money, and all the financing from mortgage lending to investment depends on the budget. "
▲ Photo Source: Pixar Bay

Third Education: Compensation for Patience Once you have begun to teach your child about savings, it is important to help them understand it from the beginning. "This education helps us fight against the credit card debt when the child grows up and later thinks, 'You can buy it now and pay it back later,'" Shane said. For example, help your child start saving instead of buying a pair of new shoes. If the children have saved for a short time, they will find that they can be rewarded for their efforts by getting the same shoes later on. Now that you realize that you can buy a new dress that matches your shoes with your money, you will naturally learn the importance of financial patience. Fourth Education: Spending habits The most important way to learn about spending habits is to teach children not to spend as soon as they have money. Instead, you should give your child a chance to think about what he wants to buy and what he really needs. "Another way to grow good spending habits is by saying," She outlines the price range by item or item. Then compare the prices online and help me write coupons together. " Saving money can help you realize the importance of responsible spending habits. Fifth education: making pocketbooks It is difficult to get a picture of how people spend their money even on adults. And if the situation did not improve at all, I would have to ask myself, "Where did all the money go?" Teaching your children how to write pocketbooks can be a great help in managing money later. If you write your pocketbook, you will have time to look back at what you spend unnecessarily and try to reduce your spending. This method can develop financial restraint over a long period of time. You should encourage your child to record spending money by handing in your pocketbook. You should also provide a coin purse and teach them to keep receipts for future reference.
▲ Photo Source: Pixar Bay

Sixth Education: Consideration of Sharing One of the basic money education that can be taught to children is to save money for others who need more money than themselves. Parents should introduce some charity to their child and donate their money with their children to become role models. "This teaching method teaches that money can be used not only to buy things, but also to help people," Shane said.

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