Sheldon Headley We Promise It’s Not As Hard As It Sounds
A child who is able to understand the value of money at an earlier age will be more responsible with it as they grow and start making their own. But, I am sure you are sitting there questioning how you could ever start that learning journey with your young children. We are not telling you to sit them down at the table with your cheque-book and explain to them the inner workings of paying bills. However, you can start introducing them to fun activities that will open them up to the real value of money!
The Piggy Bank
Okay, yes, maybe piggy banks are not as popular as they once were, but they are a great tool to use to introduce your child to the idea of saving. Does your child want a new toy, or perhaps a new game? Have them save up for it themselves with a piggy bank. You have the ability to choose how your child is going to actually earn the money that goes into the bank, whether that be through a weekly allowance or completing chores. You can leverage the bank to show them how saving works! They may be frustrated at first, having to wait to actually get their hands on the shiny new item. However, soon they will understand the accomplishment of earning and saving money for something they really love!
PRO TIP: Were you already planning on purchasing them that new toy? Every time your child cashes in their saved money, put it into a savings account! You’ll see how fast that account builds and give it to them on their 18th birthday or use it for a college fund! The possibilities are endless!
Mobile Applications
We are in the age of technology, and with that comes the ability to do and learn almost anything online! There are plenty of applications that exist that you can download to a device to get your child learning about money! A great application that you can use to get started is RoosterMoney. RoosterMoney allows your child to see what they have earned on a smartphone. Within the app you can track money saved, money earned, and even put money toward charitable giving. You can even leverage the app’s chore manager so your child better understands the idea of the earned dollar. Using something fun on a device is a great way to introduce your child to money!
Get Them Involved in Conversations
Okay yes, we said you shouldn’t sit your child down at the table to talk about the inner workings of paying bills. However, that doesn’t mean they can’t still be involved in some conversations. Even just having your child sit with you while you pay bills, or plan out your grocery bill for the week can open your child up to the value of money. Perhaps you want to get your child involved with choosing some of the items you are going to be picking up at the grocery store. By giving them a budget, they are able to select some items but still need to stay within the limit you have set. This could be a fun activity to open your child up to the idea of budgeting! Having your child around for some easier money talks will make them more comfortable having these conversations in the future!
We know that not every learning opportunity is going to be an easy one to have with your child. However, the money conversation does not have to be as daunting as it might seem. Nobody is saying that your child needs to be a financial expert at any age. However, opening them up to the idea that money has value at an early age can assist them in their development. Find what works best for you and your child, and make it fun! We promise, teaching your child about the value of money is not as hard as it seems.
