Teaching Your Child About Money

The beginning of a new year means your child has likely seen many images encouraging people to spend money during the holidays. This provides the perfect opportunity to teach valuable money concepts. During the holidays, it’s hard to miss the constant barrage of commercials and other invitations to spend money. The lure of new clothes, electronics, and other expensive items can easily convince you to unwisely spend your money. Many advertisements are aimed at children hoping to create a desire to own the next best toy/electronic. Now is a great time to teach your child the value of money and the skills needed to avoid unnecessary spending in the future.

Teaching your children the value of money starts with them watching you handle money. As you make decisions on what you will and will not buy, explain your reasoning for your actions to your child.

Here are a few additional ways to teach your child about money.

· Communicate with your children. Let them see you paying bills, negotiating, and making financial decisions. Tell them why you are making a decision and keep the communication style on your child’s level. Avoid passing any frustration, worry, or stress to your child.

· Let your child experience handling money. When you make a small purchase with cash, give your preschooler the money for the payment. Also allow your child to count the change. Discuss the math involved with the purchase – including the taxes. Also, allow your child to keep some of the money in her pocket. When it’s time to make a small purchase, allow your child to use her pocket money.

· Teach your child simple ways to budget. When your child receives money as a birthday gift or any other purpose, have a conversation about what your child wants to do with the money. Have your child write down the total amount of money received and subtract the amount spent to determine the new balance. For extra fun, let your child rummage through your pockets to find more money to manage by adding and subtracting.

· Talk about money. Talk about how you save money, find sales, or use coupons. Discuss the need to pay your mortgage, water, electric, and other essentials. The goal is to create an awareness of financial responsibilities and a better understanding of how money works. Keep the conversation fun and light. Always avoid stressful and emotional financial conversations with a young child.

As marketing efforts become more intense, it’s important for children to learn this important life skill. If not, they can get caught in a perpetual cycle of unwise spending. At Kids ‘R’ Kids Learning Academies, children are taught valuable life skills and math concepts that are valuable in managing money. Feel free to contact them to see how a preschool can incorporate these valuable skills throughout the curriculum.

About Kids ‘R’ Kids Learning Academies®

Headquartered in the North Atlanta suburb of Duluth, GA, Kids ‘R’ Kids Learning Academies® provide secure, nurturing, and educational environment for children ages 6 weeks - 12 years. We help children to bloom into responsible, considerate, and contributing members of society. With over 160 locations in 15 states, Kids ‘R’ Kids International® is a family owned and operated organization that ranks in the top 10 nationwide for franchised early childhood education centers.

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