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4 Tips for Teaching Kids on Money Management

4 Tips for Teaching Kids on Money Management

No matter how much or little money one earns, appropriate money management is always a necessary skill that can help the cash go farther. Even though some kind may not have much needs for learning money management currently, give them a lesson on this topic can make them prepared for responsible money spending late in their life.

1. Highlight the importance of financial security.

Kid may know nothing about financial security, even they come from low-income families. To help them understand financial security, you should brainstorm and work out a list containing items that your students may want to spend their money to purchase. Ask the students to check the price of their desired items and compare the cost with the average income of workers who are on government assistance to give the kids an idea that they will be unable to purchase the items if they are not secure financially.

2. Get the parents involved.

Parents exert huge influence on their kids, no matter good or bad. As a teacher, you should get the parents involved on your team. Inform parents of your education plan and send home activities that are required to work with parents. Try to encourage kids to work with adults on developing money management skills.

3. Give applicable examples.

Proper examples are very important in teaching children about money management. If you choose buying a house or paying for college tuition, the kids may not understand if they don’t own a house or have college-educated family members. Instead, you can make examples more applicable to the kids through discussing about renting an apartment or buying a used car.

4. Encouragement is important.

Although it is such an important topic, money management sometime can also be a thrilling one. To prevent your learners through the initial boredom and keep them dedicated through the learning process, you need to encourage them at every step. When they achieve to certain point, celebrate their successes with them. For example, if a student earns the highest marks on a test, make cookies with a decoration that resembles dollar bills to keep the kid motivated.

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