The childhood years are crucial for the growth and development of a person. Therefore, the things that we learn as kids will have a vital part in our lives through the years. During this period, it is important to teach our children some values, practices, and hobbies that will be important as they continue to grow old. One of which is the management of our personal finances. How do we teach the importance of money at an early age? Here are some tips to help you out:
- Money 101
Kids wouldn’t know in an instant that money is involved when you buy their toys and wants. Teach them what money is by showing them some coins or cash and their different values and uses. You can also teach them by playing an imaginary shop in your living room.
- Working hard for the money
It is encouraged to teach your children that they can’t get what they want in an instant. They have to save it up and do something good to buy the things they like. Letting them do light household chores and paying them for the work they do will teach them that money cannot be picked up anywhere and will only be given once a person works hard for it.
- Saving in a fun way
At an early age, children should know the importance of saving up. Opening a bank account suited for their age can be a good way to encourage saving. Seeing the numbers getting bigger from the saved birthday cash and “hard-earned” money will boost their will to save more. Saving will also teach them the value of patience and that delaying gratification will provide them with something better and sweeter.
- Learning the 3S
Teaching them about financial matters will also mean that you should teach them the concepts of “Spending”, “Saving” and “Sharing”. You can do this by labeling three different containers with such words and let them decide how much to put in each container. Not only do they learn how to spend on the right things and save for future use, they will also learn the value of allocating money to give to others in need.
As early as now, teaching our kids to manage their money – be it in a big or small amount – will help them in handling their finances when they grow up. This will teach them different values that will not only relate to financial matters but in the different aspects of their lives as well. Baby Steps Daycare/ Preschool can also teach some values to your children, too. We host different educational activities that will help your kids learn important life lessons and values.
To assist you in developing an important asset in the community for the future, enroll your kids to the children-oriented, friendly, and reliable Daycare and Preschool Provider in Forest Hills, New York. For questions, call us at 347-960-8334 or email us at firstname.lastname@example.org. You can also learn more about our services by visiting our website at www.nybabysteps.com.