As a parent, one of the most important life lessons that you can impart to your children is to make them understand the actual value of money. Generally, they have little to no knowledge of money. They just know that their parents will buy them everything they want. We know teaching kids the value of money is not an easy task but it’s really crucial for them. Right from childhood, you must help them gain little financial knowledge, which will help them in the future. FubuBox team, the provider of the best educational boxes subscription has come with some of the easiest ways to help them learn about money.
- Work to Earn
First things first, you need to make your little one understand that there is no tree on which money grows rather we have to do a job to earn money. It is your hard work for which you are paid for. Without doing any work or job, no one can earn money. Therefore, the best way to impart this lesson is to motivate them to do a particular job at home in order to earn their pocket money. Allot them work according to their age such as cleaning their bicycle, maintaining their room, and many more and pay them for the same.
- Save in Piggy Bank/locker
Now that they have earned some money, you need to introduce them to the concept of savings in personal piggy bank or locker. Ask them to save their money in their locker for the use in the future (when they want to buy something). Tell them that in the beginning there would less money, but over a period of money-saving, this amount will surely go up.
- Basic Mathematics
Teach your children the basics of mathematics- addition, subtraction, multiplication, and division. When they know basic maths, they will find it easy to make money calculations. Give them practical problems such as if a bar of chocolate costs Rs. 25, and you own Rs. 20, how much more money is required to buy the chocolate?
- Needs versus Wants
Discuss the difference between needs and wants. Tell them things, which are vital for living such as water, food, shelter are “needs” while those items which aren’t necessary for living but you wish you have them such as junk food, video games, etc. come in the category of “wants”. The best moment to make them learn this concept is when you take them to the supermarket.
- Financial Objectives
Last but not the least, you have to set the financial objectives for your children. For instance, when they want to buy a specific item like toys, wafers, etc., ask them to get it by their money, which they have earned by their hard work. In case, they don’t have a sufficient amount of money, ask them to work more and have patience till they earn that much to shop the item of their choice later on.
Try to teach your kids the value of money by following the above steps. We, at FubuBox, the founders of ultimate educational subscription boxes for toddlers constantly make efforts to help your children learn meaningful lessons in life.
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