Remember how your toddler did the first few meters with a bike without auxiliary wheels? You will remember such small victories forever! What about the moment when a child saves for chocolate for the first time? There comes a time when we need to teach kids a little more serious life skills, but still, learning like that should be fun too. I have prepared some tips!
1. Make the child aware of the value of money
Money does not grow on a tree. If you want your child to really understand this, you can take him to work for an hour and show him where the money "comes from". You can also visit the store together. Set a limit for the purchase - say 20 euros - and leave the wallet to the child. He will definitely be careful when choosing! You can also increase your child's independence by arranging his first payment card. Like electronic cards.
2. Determine the appropriate pocket
Many parents wonder how to determine a suitable pocket money. In case the pocket money is intended only for the child's wishes, such as sweets, it should certainly not be too high, but if you want to teach the child to handle money responsibly with the pocket money, you can also set a slightly higher amount. If, for example, your teenager has a phone subscription worth € 15 and a bus ticket worth € 25, include this in his monthly pocket money. Thus, he will learn how to allocate funds sensibly throughout the month. An additional rule may be to transfer your pocket money always on the same date in the month and always in the same amount.
3. Make saving a habit
If you tell a child to save - without explaining why - saving will probably seem pointless. That's why you set goals together! If your child wants new video games that cost $ 30, calculate together how much pocket money they need to save per week. So the desire to save will definitely increase! But how to motivate a child to keep savings? Tell him how you went on your first plane trip with your savings at 18 years old. Make sure to impress him with the story!
4. Teach your child online safety
As online shopping has become a part of our daily lives, it makes sense to educate your child about the safety of online shopping. Help him fill in the information, check the legitimacy of the website together and recommend safe online stores.
The youngest ones in the first steps on the independent financial path definitely need your advice and an interesting approach to learning.
Thank you for reading my article.
@PUREBEAUTY
Definitely, its the responsibility of every parents to teach their children to be financially strong. Nice article👍👍👍