Today it is becoming harder and harder to teach children money management. It?s because in most cases they have rather a comfortable lifestyle and real money can?t be an essential component of their everyday living. They?ve got what they want and parents satisfy their caprices. When I grew up, only cash was in circulation in our city, so it was easy to understand how it all works. Children can quickly understand how money works, even if parents have no tome to teach them this. Certainly kids should see money. But today everything is different. If only the parents did not decide to teach their child financial planning then the kid would be likely to associate money with a plastic card and easy access. It is becoming increasingly difficult to establish a link between work, getting money, spending and savings. So what can you do to make children understand how money works outside the credit card payment through the Internet? Here are some ideas.
Use real money, when possible. Try not to pay for all your purchases and bills only using credit or debit cards. Allow children to see real money transactions. They should understand the fact that the money has been spent and you haven?t got more.
Show children how you pay bills. If you write a check, allow children to see the process. If all bills are paid online through the Internet or the bills are paid automatically each month, explain to children sitting in front of the computer where the money went. Show them the transaction and as a consequence they will see that the amount of money in your account has been decreased.
Show your children your checks with wages. Even if your salary is automatically transferred to the account, you will be issued a receipt. Show your children that this is where the family stores money. Your kid should understand that you are paid for job. Then you should install the relation between the receipt of salary and all other monetary transactions.
Show children the account of your credit card. Teach children that there are such things as debts and accrued interest on the unpaid amount. Show them how your payments are correlated with the remaining balance on the credit card. Explain to children why it is very good to pay the full amount of the debt immediately. Show them all the goods you?ve just bought, so that children could understand that the household expenses are paid by your credit card sometimes. Demonstrate that the credit card can?t be a bottomless ocean of free money. I?m sure that kids will listen to your lessons with a great attention because money is a mysterious thing for them. In fact you?ll be also delighted by this educational process.
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