Some Ways to Teach Your Child about Money

 Every parent knows that it is important to educate their children about money.  Many parents do not know how to go about doing this.  Here are some tips to help you teach your child about money so that they can grow up and have a better financial future. 
The first thing that you can do to teach your child about money is to take them grocery shopping with you.  You can turn a trip to the grocery store into a lesson very easily.  This is one way that you can teach them about comparison shopping.  Knowing how to get the most for their money, teaching them how to shop for value not by brand. 
Give your child an allowance.  This teaches them how to work for their money, and the value of earning their own.  This will also help them to learn how to save money in order to make a purchase that they really want.  You can do a flat rate paid once a week or set up a system where they get paid for every chore that they do, and a little extra when they do extra chores without being told or expected to. 
Who has not seen the lemonade stand that a little kid has opened during the summer to make some money.  This is a good idea.  By having your child open a small business it teaches them about entrepreneurship.  It does not have to be a lemonade stand, it could be baked goods, or anything really, get creative.  This also will help to teach the child basic math skills, by them having to count money and give correct change.    
It is a good idea to open a savings account for your child.  Most banks and credit unions will allow a parent to open a savings account for their child with both names on it.  This helps to teach the child about saving money.  It will also teach the child to keep track of their money.  They can have a ledger so that for every deposit they make they have to add it to their ledger and keep track of just how much money they have.
It is incredibly important for every child’s future to be educated in personal finance.  By teaching your child about money when they are young they will have a better chance to be financially responsible when they get older.  This will help them from getting into debt from loans or credit cards.  The more you can teach your child about money and the world of finance the better they will be prepared for their future.  By educating your child in matters of money you are giving them a head start for when they go off on their own in the world.


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