10 places to help your children spend money effectively

Many parents think it is necessary to teach their children how to spend money effectively, but do not know how to teach their children and guide their children where to use money is appropriate. Here are 10 places that can help you realize this wish.

10. Fair

Parents can take their kids to the fairgrounds. Here children will find items at prices that are not as expensive as modern shopping malls.

If you want to spend the weekend mornings sleeping and resting instead of going to the shopping malls above, take your kids to thrift stores instead. Both places are a great opportunity to talk about reuse and recycling.

9. Bank

Parents try to put their children in the bank. This will be more valuable than buying a free candy for your baby. Looking at bank transactions helps children understand more about money. Get your child involved as much as possible. Even elementary school children can do simple transactions with bank staff.

As your baby gets older, consider opening an account for your baby, helping him learn how to track his savings. Many banks and credit cards have special fee-free accounts for children, complete with documentation and usage of online activities.

8. Have your child act as an assistant for payments

If your child only sees how you swipe the card to pay for all needs, they will see this payment as a miracle, very simple and they may think that using money is very easy and limitless.

Change this by teaching your kids how to pay their credit card bills. “This will tell your child about many things,” explains Sharon Lechter, co-author of the book “Rich Dad, Poor Dad” explains. When participating in the payment of expenses, remind your baby what you are paying for.

Preschoolers and junior students can check the bill for you, put it in the envelope and put it on a stamp. Older children can help you check your account and your online account.

You can also let your baby help you with other bills such as rental bills, cable TV ... so your baby will have a whole new view of money. There are many benefits to this. machines…

7. Buy at a farmer's farm

If you take your child to shop at the supermarket, they won't be able to see the farmer. Taking your kids to the farmer's stores, the weekend farmers' market is a great way to understand the connection between effort and money.

Get your child involved as much as possible. You can let your child choose carrots and pay in cash to the farmer, he will learn early lessons about expensive market economy.

Can you explain to your child that the farmer grows the carrots, so he is determined to sell it for how much and the customers have a choice to buy if he feels it is adequate. that money. Then, with the money earned from this sale, the farmer can purchase more materials to grow carrots.

6. Coupons

The idea of ​​a Sunday shopping with your child is not a bad idea, it really helps them know the value of the effort to save money when using discounted goods. . Your baby can help you sort out the coupons to help cut them out and put them in a big envelope, even if they can't read yet, as most coupons these days look very eye-catching and have pictures is available on the ticket so it is not difficult for the baby to help the mother do it.

Next go with your baby to the stores that accept these coupons, let your child take responsibility for the coupons. Depending on their age, the baby can be assigned to be the “coupon holder”, or the “discount item finder”, or the one responsible for supervising “calculating the savings. How much will it be? ”, or all three. Then count how much money you and your baby have saved after today's shopping and what your future plans will use the money saved each time. You can also open a savings card when signing up for a cardholder, so you and your baby will get a discount when buying stuff.

5. Volunteers

Volunteering is the best way to show children that people with relatively full lives can share more with those in need than themselves. Laura Busque, director of the Ohion Credit Union League, said that parents can do very simple things so that children can understand the value of giving by trying to take them to grocery shopping and donate to a local organization "

 If your child is an animal lover, join them in buying food for animal aid stations near you, or volunteering with them for these relief organizations.

4. Encourage your baby to work to make money

Making money is a way of educating children through action by giving them the right to make money. Selling water at local activities is still the most traditional way, children can sell lemonade, orange juice with their siblings and it is also a very good teamwork way.

Lechter believes that the older children can be in charge of collecting the money, and the other children help hand the lemonade to the guests. Older children can teach young children while doing this.

 Other ideas include selling toys and clothes at flea markets, helping to clean the yard, doing chores and giving children money through them.

3. Take money classes

Many banking groups organize seminars for children. You might think your kid will just sit there listening and watching, but the result seems to be more than that. You will be amazed at the interest of children learning about money.

2. Set a savings goal

Does your child love going to the park? Agree with your child about this as a long-term goal and start one to save money in a savings tube. This makes saving much more sense, and your whole family becomes a team together. Bring joy to savings Your child can put money in the savings tube or cut off their pocket money for this activity.

1. Play the game

Next time, if your child wants to play computer games, try some online games that teach money skills. Many websites of banks and credit institutions have these games.

 Of course, games are still games forever, but it will instill in your child's mind concepts and ideas of how to spend money effectively, organize money, save money and understand how money saves. onions.