Teaching your child the value of money is an important lesson. Let DealDash help.
The value of money is something we are all well aware of, though perhaps not our little children. There comes a moment when they must understand how hard their parents are working for every penny, how we earn money, and how to spend it. Here are some helpful ideas from DealDash.
I don’t think that I am the only mom that has kids which are constantly asking for money to buy something. “Mommy, I really want this Lego set” and with a quick look I see that it costs $70. Wow! And if I buy it today, tomorrow he will most likely want another one, probably at the same price. If I refuse, he will complain, complain, complain and it turns into a vicious circle.
Plato said that parents must teach their children to respect money, not freely hand it out.
Let parents bequeath to their children not riches, but the spirit of reverence. – Plato
Plato knew most of the parents are responsible not only for the necessities such as food, clothes, and shelter, but also for teaching values. Unfortunately, many kids are not taught how to handle money and personal finances these days. This is not something they learn at school. This is why you must take care of it by yourself at home.
Spending and Saving
The first step you need to take is to teach your child how to spend and save money. It’s crucial to guide your kid in this process because you are building the foundation of future responsible adults.
Should You Put Your Children to Work?
Children should learn the virtue of work even at a young age. Some people might not agree with me. However, from my point of view, it’s worse when you let him play on his tablet and eat snacks all day.
You have to teach him that there are little “jobs” he will be responsible for, like cleaning his room, helping with dinner, and taking his dirty clothes to the washing machine. These things won’t be rewarded with payment, they are just things that he needs to do to be part of the running of the household. Teach him that this is a responsibility and not extra work he should be rewarded for.
Extra Jobs, Extra Pay
If he would like to do extra jobs over and above what he has been assigned, then he can earn a little spending money. It can be helpful to make a list of jobs that he can do, along with the payment for a completed job that has been “parent inspected”. These jobs can be things such as vacuuming, putting away all of the dishes, or taking out the garbage.
Save and Spend
When your child receives some spending money, whether earned or gifted, it’s important that you encourage him to save a percentage. If he needs a little extra encouragement, come up with something that he would like to save for such as a bike or video game, and help him budget for the purchase.
Thanks for Reading
Thanks so much for reading this DealDash Tips article on kids and money. Don’t forget to check back every day for new articles here are well as on our sister blog, DealDash Tips. If you have any requests for specific articles, please feel free to leave a comment below.
Want to reward your child with a gift? Check DealDash for stuffies, Legos, dolls, and more. DealDash has all of the items that you need. Visit DealDash now to see how much you can save. Good luck and happy bidding everyone!