• Although children are not very aware of the crisis and their parents' financial problems, it is good that from a young age they learn to manage their money and save. We give you some tips.
• Be parents
• Fortunately for them, children often live apart from their parents' financial problems. And it is good that it is so.
• However, it is recommended that, little by little, and in a way adapted to their age, we explain to the little ones in the house some concepts related to the management of the domestic economy. In this way they will learn to value the money that parents spend and we will be able to create very useful habits for them when they become adults.
• Unlike other subjects that are learned in school, educational plans barely include financial content.
• Although we must take into account the age of our child, since we cannot treat a 4-year-old child the same as an 11-year-old, there are a series of generic recommendations to teach our children the fundamentals of home economics tuition.
My value, an online application that helps in the management of personal finances, gives us these ideas to teach children to save:
• 1. Set a monthly or weekly payment This way they will learn to organise their finances, just as parents have to do with their salary, with which they have to face all household expenses.
• 2. It is convenient for children to realise That money is limited and that if they choose to spend it on one thing, they are giving up using it in another way. In this way they will learn that they must think carefully about what to spend it on and take advantage of it properly. If they spend the money on lollipops they won't have enough for gum.
• 3. Explain to them where the money comes from
The effort parents have to make each month to get it. It is not about being alarmist, but it is about being aware of what it costs to earn it and how quickly it is spent when we do not plan our finances well. Children tend to think that money is unlimited, or they just don't even think about it.
• 4. Teach them to create a budget based on their monthly pay and review it with them at the end of the month. It is not a question of being very strict, but of conveying the importance of planning.
• 5. Writing down monthly expenses is a good way to better control money, and to realise the amount of expenses we make daily without realising it.
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• 6. Talk about the benefits of saving and how important it is to have a contingency cushion. You can set a goal that motivates him, for example, buy a toy.
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• 7. Teach them the difference in value of coins And bills through games.
• 8. To make them see that getting money takes an associated effort, you can play the following game: when they need extra money for a toy, for example, explain that as it is an additional expense to their pay, they will have to earn it. To do this, he will have to help you in a series of housework and in return, you will give him that money. But beware, this does not become a habit: they must get used to spending what they have, no more.
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• 9. Make them see the difference between necessary and superfluous expenses. Children are very capricious and it is difficult to make them understand these concepts. You can use simple examples to help him see that difference. For example, explain that you cannot go to school without clothes –necessary expense-, but you can go without always wearing the latest model of brand shoes –superfluous-.
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• 10. The best advice, as always, is to set an example. Children find out about everything and copy their parents' behaviours, so if on the one hand you talk to them about the importance of saving, but you are not able to demonstrate it with your own savings, it will be difficult for them to believe you.
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