5 lessons to teach children to spend smart money from childhood

Surely you often give your kids pocket money when they go to school but are always worried whether they will use that money for snacks, manga or toys. Wondering how to teach your children to spend money wisely? What time is appropriate for your child's perception when you want to teach your child effective money management skills?

First, you need to determine the right time to teach your children to spend money. The back-to-school season is the season when many families "lose their talents" the most because they have to buy books and new clothes for their children. However, according to some studies, this is also the best time to teach your children financial management skills. At that time, your child's shopping needs are highest, they will want to buy all the school supplies or whatever their friends are getting. You can apply the following 5 lessons to teach your children how to manage money effectively:

Lesson 1: Teach your children to recognize their needs less than they think they need

When it comes to the first school season, many stores of backpacks, stationery ... will have lots of lovely school supplies to stimulate your child. However, even though your child likes those sparkling colors, there are many things they don't use and buy are wasteful. You might advise your child to choose things that will be useful to him first, such as school supplies and books.

If your child insists on disobeying, and you also don't want to haggle, then the best way you can use the tactic of "succession succession". You can suggest that your baby wear clothes last year that still fit your baby and instead of getting money to buy new clothes, you will buy them something he likes. Another very effective way is to teach your baby how to create new things or recycle old ones, avoiding the waste of using two similar items at the same time. With items your baby does not need, you can suggest your baby donate to charity or poor children around. This is a way to help your baby realize that everything is finite and there are a lot of people around that are not as lucky as him.

Lesson 2: Teach your child how to save

As the first day of school approaches, there must be a lot of things your baby is asking for that go beyond the family's budget. Now is the best time to teach your baby how to save money to buy something. You can teach your baby to start by considering how much the item costs and how much he will need to save to buy this item. If your child has grown up, you can help your baby quickly save enough money by looking after him, watering plants, sweeping the house, washing dishes ... helping parents.

Lesson 3: Teaching your child to use old is always better than new

You don't have to say "No!" All the time. With the baby's requirements such as wanting mothers to buy trendy clothes or modern technology devices such as phones, tablets ... You will be very difficult to persuade your baby to use old clothes instead of new ones so you can guide I go to second-hand stores or exchange stores. Even though everything in these stores is second-hand, they will definitely have something your kids have never seen before. This is sure to make your baby love it.

Lesson 4: Teach your children how to pay the price when shopping

Although it is always easier to shop by yourself, you can bring your baby along to teach them savings lessons. While traveling, you can explain to your baby why we have to pay the price when we go to the market, buying at a discount is better than buying an expensive item, which one should we choose between the two products we do. prefer. You can turn shopping into practice for your baby, helping them find the products they need to buy at the cheapest price. Children will be very excited when they compare prices by cash register at the supermarket or compare prices at different stalls. After the shopping trip, you can make a table of total payments and total savings for your baby. Through this action, the baby will definitely understand the reason for the price when buying.

Lesson 5: Teaching common goods is as good as brand name goods

When shopping, the baby will tend to buy according to the advertisements on the TV. However, this has a bad point, that is, the advertising and quality often do not go together. You should explain to your baby the difference between the quality and cost between budget and luxury stores, buying at any store will save more money. With the money you save from shopping, you can let your baby buy a favorite little item.

As the back-to-school season approaches, parents have a headache thinking to buy supplies, clothing and necessities for their children to get ready for the new school year. You may be or will be faced with children liking beautiful things in expensive stores and you want to save money, so choose popular items. In order not to make the situation worse, you need to be prepared for your baby's demanding “pre-emptive” strategy and implement strategies that teach him how to manage his finances.

Teaching your children to manage money properly is not an overnight thing, but you have to guide them slowly so that they can learn to spend money and save "well" even without friends.