Teach your children good money habits | Budgeting Tips

budgeting tipsSaving is child’s play. If you have children, make sure they each have a savings account (and, preferably, a piggy bank too). Teaching younger kids the value of money through real life situations will help them understand where money comes from and how it’s earned, so talking to them about money when shopping, going to an ATM, paying bills or budgeting is essential when teaching good money habits.

Due to our use of credit cards, internet banking and online shopping, children often don’t often see people buying products with physical money. This makes it difficult for children to understand the concept of costs.Often young children see money as an unlimited resource rather than something you work hard for, so involve your children is discussion about costs and money and help them to understand the concept.

A great way for kids to get their head around money matter is by giving them pocket money. This teaches children the value of money and assist them in understanding the concept of saving and spending.

Giving your children money can help them to make money decisions. They can choose whether to spend their money now or save it up for something bigger.

Now that’s a head start in life money just can’t buy!

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