Five ways to teach your children the true value of money

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As parents, it is noble and necessary to teach children that money cannot buy real happiness. In the same way, letting children know the real value of money can help them succeed in whatever they do in the future. Here are some suggestions to help parents guide children to understand the value of money.

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1. Give children a proper allowance.

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Give your children a small amount of pocket money every week or every month and let them spend it freely. This will help children understand the true value of money. If you blindly meet children’s needs for money, they will never know what it means to be prudent and save money.

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2. Let them buy their own games.

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In the process of children’s growth, you are likely to buy them many toys and gifts, and most of these things, such as bicycles, skateboards and sledges, can make children physically and mentally healthy. At the same time, you and your children will definitely have differences in purchasing other things, such as video game consoles. This kind of disagreement is actually a good opportunity to teach children to understand the meaning of money. Let children save their own money or work hard to earn money to buy what they want. If you “hire” your children to do some housework, remember not to pay them too much – at least not more than your neighbors. Because the purpose of this is to let children know the value of money. If you make them feel that money is easy to come by, they will underestimate the cost of making money.

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3. Encourage children to participate in charitable donations.

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If you can let children see what real poverty is, and let them see that their donations can really help the poor, this will not only help them establish a correct outlook on money, but also cultivate them to be kind and generous people.

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4. Help them open an account in the bank.

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When your children become sensible, you should open an account in the bank for them. In this way, they can start saving money to earn interest and learn how the financial system works. But don’t do these things before your child is eight years old. At that time, your child was too young to understand saving. However, don’t wait for your child to be over the age of 12 to consider these things. It is easy for adolescent children to ignore and ignore their parents. The best time is when children are ready to learn these knowledge and parents have the greatest influence on children. Remember to teach children how to save and withdraw money on their own.

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5. Let them participate in the process of “saving money for college”.

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Many parents admit that even though their children should bear some expenses for college, the high college tuition is still a heavy burden for parents. Open an account for each of your children and deposit the same amount of money. Let them know how the funds are growing, and let them realize the gap between these savings and the cost of education they want. Remember not to save the money in the name of children unless you have enough confidence in their judgment. You don’t want to see your children buy a car with this money in middle school, or go to the beach to set up a stall with this money after graduation from middle school.