To teach children the value of money is an important aspect of parenting, says experts. While you teach them as well as possible concerning the ethical and other principles, try to also give an explanation to them about financial matters.
1. Encourage to renew
One of the mistakes made everyone in raising a child is spoiling the child with excessive shopping without thinking about the consequences. Slightly rethink this issue you will realize that the bought goods at random for more children to satisfy the desires of their parents shopped alone, rather than providing what is actually needed by the child. Buy new clothes and toys for your baby is fine, but when your child begins to grow big it is important to be careful about your spending habits, as this will give you an example of no good to your child.
As early as possible you can teach the basic rules of reuse or recycle early. To use the concept of re-teach your child to go to the library, where they can read the book they need rather than having to buy new books. Rules library to return books within the prescribed period can also teach a sense of responsibility to your child.
2. Share with relatives
Children learn from the example to them, so if you share with your spouse, children will do the same with his brother. If you have children that age range is not too far away, buy them toys they can play alternately is a pretty good idea.
This is your first step to teach them reduce unnecessary spending, and have the option to take decisions that are more useful.
3. Give them the opportunity to manage money
Help your child to develop a sense of responsibility towards money. If they were never given the opportunity to manage their own finances, they could not possibly know.
When your child is 10 years old, try starting with a bag of money. Determine how much money would you give to the child and its usefulness. Try to include them take part in paying bills. Such as electricity bills, cut the money they deserve from the bag to contribute to pay the bills. This will remind them to not indiscriminate use electricity, such as allowing room lights on while no person or turn the lights on all night.
4. Wants and needs
Teach your child about the difference in the two is crucial. Although you will still raise the allowance each year, make sure you do not overdo it. Consider as well the financial demands of this.
Keep in mind, introducing money too early can be destructive if not properly supervised. If your child asks hike pocket money to buy things that are not important, talk with your child.
Provide advice does not always help, so make a rational conversation with your child. Give reasons why buying a washing machine better for families than buying an iPad, so that you will not comply with their request.
5. Make a note of expenses
with the increase in their allowances would also increase spending. Ask your child to make a record of expenditure. Having a record of the spending will provide a sense of control of their money and help them to spend any money wisely