Making a few small changes to your usual parenting habits may help more than you think. GoHenry compiled a list of 10 financial skills for children to learn how to save, earn, and spend money.
compiled a list of 10 financial skills for children to learn how to earn, save, and spend money.
Often, money lessons can be incorporated into everyday activities. For instance, talking about which item on the shelf is the best value turns grocery shopping into a lesson on price comparisons. Or, showing children how they can divide allowance money between savings and spending illustrates basic budgeting. Such early discussions mold their money mindset as they grow.
Read on to learn tips and examples to help your child develop skills for better money management later in life.Since children are not responsible for household budgeting and large financial decisions the way adults are, it can be difficult for them to grasp the concept of money. While planning for the future is typically not on the mind of most children, setting up a savings account early can help them be better prepared for the future.
Choosing whether to purchase helps children develop control and learn to spend wisely as they mature. For older children who are inundated with temptation both in physical stores and online, ask them to wait one day before buying. With that 24-hour pause, they may decide an item isn’t worth their spending budget.Developing saving habits early, and with goals in mind, can make debt seem less daunting in the future.
By saving earlier for college, children can avoid taking on too much student debt. But, while saving will minimize debt in the future, with decreasing interest rates for bank accounts and rising tuition costs, it will likely not guarantee debt-free higher education—especially if a
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