“My child can add coins and pay to the cashier!” boasted a proud mama at a store. Her child was all of 5 years old! “Oh, mine cannot! I don’t know when he will!” said another mother heaving a sigh of distress.
“Should you teach such a small child about money? Let him grow up! What if he loses it?” asked another mother. “This is exactly why you should start teaching your child about money and its value early!” commented that mother.
If this is a conversation, you too have had with your friends or co-workers, you are not alone. Many people may never teach anything beyond the difference between coins and cash to their children.
How Should We Teach our Kids about Money
The Right Age:
This is a debatable topic as many might agree on either side. The right age is the biggest doubt in every parent’s mind. What should be the right age to start teaching the child about money? Be your judge and choose the right age when you think you can safely use cash or coins or even cards around them.
You cannot start talking to a three-year-old about cash or tax. This is when they might simply want to pop that coin right into their mouth and we do not want to risk that.
The Knowledge of Cash and Coins:
If your child knows to count, teach them how to calculate cash and pennies. This is a life skill and makes sure you do not ignore this lesson. Teach them how the world is full of haves and have-nots as well. This will enable them to keep watch on the cash as they carry it home.
Take them Shopping:
So, let them grow a little older by a couple of years when you see how they come along with you to shop. They should see you deal with cash and coins. Show them the price of each product and how they can check it.
Help Build Ownership:
A vital trait that every kid needs to learn while handling money is responsibility. They have to understand the seriousness of the money and respect it. A kid that knows the value of money will think twice before spending it. They also will learn how to take care of anyone’s money. Unfortunately, many people who did not learn this lesson would not
Lead by example is the name of the game. Show them how you use the money and how you earn it. What is the cost price and how do they pay in exchange for services or products? When they know the functioning of money, they will also learn to use it right.
Gift them a Piggy Bank:
A simple, but effective method of teaching children about money will be by showing them to save. Any penny or cash they get as a gift should directly go into their piggy bank. This is a great way as they can also learn how to use it for their future.
Every child should learn about money. A lot depends on how you teach them to be cautious with their money. You can get the best assistance and helpful resources from Sapien Kid. Their storybooks are informative and can guide your child to save wisely.
To get such handy and useful parenting tips, you can also visit our Sapien Parenting Page.