7 ways to raise a money-smart kid

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While it may seem like you have more pressing priorities than teaching your kids to be smart and frugal spenders, remember that a culture of consumption is working for your child.
Sam Renick, financial consultant, says: “Children are constantly bombarded with messages about spending money and we need to fight that. The sooner the kids start to develop good money habits, the better.” In fact, there are still many people who don't know how to manage money, let alone teach their kids how to use it. If you know how, teaching kids money management will be simpler and more fun.Here are seven tips to turn hard money lessons into fun.

1. Give your preschooler a bucket

If just because a child can't exchange a dollar you think that the child shouldn't experience the dollar itself is completely incorrect. Exposing children to money lays the groundwork for financial literacy in the same way that reading aloud to children lays the foundation for later literacy.
During the preschool years, some hands-on experience with money is enough. Preschoolers learn best when they can really grasp what they are learning. So get over any fear of germs surrounding money and bills and let your 3-year-old deliver the best item to the cashier.
Let your 4-year-old help you put spare change in a savings jar. Pretend games like "store" or "bank" are also a fun way for preschoolers to understand that money can buy things.
Don't stress if your child confuses 2 different coins or if you catch him using a stack of toy money to buy a doll bed.

2. Throw away the disposable mindset

From broken toys to outdated TVs, almost everything is present in our consumer culture. By teaching your kids the value of things, you're laying the groundwork for their financial literacy.
Primary teacher Laura Gerrity says: "Children can learn that property is worth our care. If children throw books, explain that throwing books can damage them and being gentle helps them. Long-term survival".
If something breaks and your child says, "It's okay, we can get another one," take advantage of a teachable moment. Gently explain that replacing it will cost money and that your child will need to decide if spending the money is a good idea. This can lead to an interesting discussion about all the other things that cost money, such as food, rent, and gas.
When kids don't fit some clothes, ask them to help you wash and fold them so they can be delivered to a child in the smaller neighborhood or to the family's storage. Moving from a "destroy, throw away, replace" attitude to a "do not waste" attitude can help even young children build the foundation for the right money habits later on.

3. Encourage delayed gratification

"I want it now!" How many times have you heard that this week? Children naturally want instant gratification, but learning to wait is important.
Jerlean Daniel, deputy executive director of the National Association for Early Childhood Education, said: “The ability to delay, not having to have something right away, is a foundation for children to eventually understand about money".
Learning to wait can be taught even to children who have not used money. If your child asks for a glass of milk while you're sweeping the floor, don't immediately set the broom aside and get the baby milk. Instead, explain that your child will receive it when you finish the work in progress.
If your child asks for another outfit when she already has several, ask her to put it on her birthday "wish list".
Sharon Lechter, co-author of Rich Dad, Poor Dad: What the Rich Taught Their Children About Money, says: “Creating the opportunity for delayed gratification is one of the best gifts parents have. possible for their children. Around the age of 5, children can start to practice with money.
Laura Busque, outreach director for the Ohio Credit Union, advises, “Start with a short wait period. For example, help a 5-year-old save money to buy a candy or a toy. Give your child a bill and explain that next week you will give him another and then he can go out to buy things.”
Alternatively, you can ask your child to earn money by doing an extra errand. As kids get older, their ability to wait increases.When elementary school kids ask for a new device, tell them they can't have it right now but they can save if they really do. want and help your child make a plan to save money to buy the item
You may hear a lot of whining afterwards, but the child will get a boost in self-esteem as he manages to get what he wants on his own. want.

4. Table of taboos

Some people find it inappropriate to discuss money with children, but experts say children benefit from being involved in the discussion. Otherwise, your child may develop misconceptions such as thinking that an ATM card never runs out of money, or thinking that if you break something, you just need to get another one.
Lechter says: “You don't have to be afraid to share money concepts with your kids, even if you're having financial challenges. See it as an opportunity for the whole family to learn new skills together.”
Philip Heckman, National Credit Union's director of youth programs, said: “During ATM withdrawals , you can say, 'I put money in the bank before, and now I'm getting some of the money back'. This tells the child that money doesn't come naturally.
When you take your kids out shopping, explain your thought process: "If mom and dad bought this beautiful tablecloth, they wouldn't be able to pay for gas for the week. Since gas is more important than the tablecloth, I think we'll have to skip the tablecloth.” Comments like this show that there are times when the best spending decision isn't what to buy.
But keep things casual and easy to understand, don't take it too seriously, Heckman explains: “A lot of short explanations work better than a few lengthy lectures.”

5. Be a role model

What you do will have a much bigger impact on your child than what you say. If you want your kids to learn how to save, make sure you're saving some money yourself and your kids know you're doing it. If you want your kids to learn the value of giving to charity, consider: Are you donating to charity or volunteering your time for a cause? Get your kids involved in these activities.

6. Let the kids practice

To learn good money management children need practice. So invest some dummy money so your preschooler can play "the store" with you, and consider giving the older kid an pocket money.
The piggy bank is a good idea, even for kids who don't have pocket money yet. Your 5-year-old may surprise you by finding a "lucky coin" and immediately dropping it into his piggy bank. Even if kids don't understand the concept of saving for a goal, they're practicing thrift and that's a great start.

7. Skip the lecture - tell a story instead

If you give a presentation about responsible spending, you will get a bewildered look from your child. Instead tell a story about a boy who had to decide between buying lunch and buying a new action figure item, and you might get his attention.
Renick says: “When I use stories and music to break down concepts, the kids really get on with it. Here are some books for 4 to 8 year olds to help you get started teaching your child how to handle money:
My Mother's Chair by Vera B. Williams. Alexander, The Man Who Was Rich Last Sunday by Judith Viorst. Can I Have Some Money? Max Gets It ! by Candy Sparks. Can I have some money please? by Twyla Printle. It's a habit, Sammy Rabbit! by Sam X Renick. Lucky the Golden Goose by John Wrenn. Max's Money by Ken Wilson-Max. MMy Little Penny Book and Bank by Betty Schwartz. My row and pile of money by Tolowa M. Mollel. Nurturing young souls is essential in the first years of life, however, parents should not forget that children in the developmental stage are very susceptible to respiratory problems, infectious diseases. respiratory, skin diseases and gastrointestinal infections ... parents need to pay special attention to the care and provision of adequate nutrition for children. The pediatric department at Vinmec International General Hospital is the address for receiving and examining diseases that infants and young children are susceptible to: viral fever, bacterial fever, otitis media, pneumonia in children. With a system of facilities, modern medical equipment, sterile space, minimizing the impact as well as the risk of disease spread, Vinmec will bring satisfaction to customers. and is highly appreciated by industry experts with:
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Reference source: babycenter.com