Being responsible with money is a great tool to teach your child. Read on for some tips and tricks from DealDash.
One of the most important things that you can do as a parent is to teach your kids to be as responsible as possible with money. Since many kids are not taught this lesson they grow up with very bad habits when it comes to money. The great news is that no matter when you start teaching your kids about money you can help set them on the right path.
Help Them Save
You first need to teach your kids to save some money. They should use something like a piggy bank to save for something that they want to get in the near future. Your child could be saving for something like a special trip or special item. They also need to get a savings account set up so they can save for things like college or a car.
You can set them up with an old-fashioned account at a brick and mortar bank, but those typically charge fees. There are many online bank accounts that don’t charge any fees as long as you open up the account with a minimum amount of money, usually $100.
Help Them Spend Wisely
Nex, you need to teach them how to properly spend their money. Allow them to spend some of the money that they have been given or earn for small treats. This is so they do not expect you to come up with all the money for the things that they want. This will also give them the chance to appreciate the things that they get more.
My daughter is 6 years old, and she has quite a bit of money saved in her piggy bank from various birthdays and holidays. This year she wanted to buy her best friend at school a Christmas present with her very own money. This was a wonderful example for her to see why it’s important to save money for special occasions.
Show Them How to Donate
Finally, you need to also teach your child about how wonderful it is to give money to those less fortunate. You can help them choose a charity that means something to them and help them make a donation to that cause. If your child has a big heart for animals, for example, you can have them visit a local animal shelter to see how they operate. This will encourage them to donate in the future.
Thanks for Reading
While you should start teaching your kids as soon as possible about money, anytime is a good time to teach them this lesson. You will definitely be happy with the results. You will eventually see a happy adult that handles their money wisely when they grow up.
Be sure to come back every day for new articles on this blog as well as on our sister blog, DealDash Tips. If you have any requests for specific articles, please write a comment down below. Kids, pets, cleaning, or lifestyle, just let us know what you’d like to see an article about next time.
This sponsored DealDash blog article was written by Dawn E, a mother of 3 who loves DealDash. Dawn was compensated for writing this article. Read even more at DealDashBlog.com, DealDashTips.com, or on her own blog, DawnBlogtopus.