People are being wrong thinking that the secret of becoming rich lays in their abilities to earn as much money as they possibly can spending all their energy and efforts on hard-working. If you want to become rich, you should learn how to save money. And so you must teach your children to clever use them as well.
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#1 – Let Them Make Their Own Purchasing Mistakes
In order to really estimate the value of money one must feel lack of them on themselves. As your children don’t earn their own money yet, give them some and let them choose on their own what they want to buy. If they prefer buying a new toy that they will get bored of in two days and then find out they lack a definite amount of money for the tablet they’ve always wanted, let them experience this feeling. The next time when buying a totally unuseful thing, they will stop and think twice.
#2 – Teach Them Patience
With the appearance of loan facilities anyone can buy the newest smart phone or the most updated iPad right at the moment of its issue and pay later. But taking such risks increases one’s chances to become a debtor. Besides, using overdraft offered by most of the banks charges its interest, so you pay a way much then the original price of the product.
Teach your children that ‘Good things come to those who are able to wait’. Show it on an example of preparing pizza at home compared to buying a frozen one in the store. Yes, the home-made one takes a lot much time to prepare, but it tastes a way much better.
#3 – Encourage Them To Earn Some On Their Own
Your children can start earning their own money on such a cliché way as selling lemonade. It both gives them an opportunity to value the money they will earn, to experience teamwork, and will set some basement for entrepreneurial skills’ development. The younger kid can hand the cups of lemonade to the customers and the older one can negotiate and take money – that’s how the teamwork appears. And the entrepreneurship requires some creativity and marketing – that your cup of lemonade will refresh one better than the other one from across the street, and besides, it costs 25% less.
Another good method for your child to earn some extra cash is selling their old unnecessary stuff online. This will teach them to appreciate every single item that their parents spent money for and will give them a boost for some business ideas.
#4 – Adopt A Habit To Shop Online
Teach your children that shopping online can significantly save their time and money. With the appearance of free deliveries directly to your doorstep you save your time that can be spent on things like fitness or educational courses. Online stores do not pay rent and there are fewer employees needed to serve the customers. Accordingly, the prices of the products are lower.
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#5 – Set A Family Long-Term Goal
Is your child dying to go to Disneyland? Is it affordable for your family to go make this dream come true right tomorrow or you must save some money and wait at least half a year? No matter what answer is, this is the perfect chance for your child to learn saving money for something greater. Organize some kind of a saving jar where you and your child will put money together. Let your kids make their own contribution spending their own money for buying a dream.
#6 – Teach Your Kids To Keep Tracking
It’s both useful for your children and you. When you write down every purchase – big or small – and the amount of money spent on it, then you can estimate what is really necessary to buy and things that are not that much needed. Make your child organize a list of purchases and read them in a month. Let your kid answer the question ‘What things are not being used anymore (like a new doll or a teddy bear) and what things have become of great use?’
#7 – Play Old-Good Games
Instead of playing video games, choose one day a week and encourage your children to play tabletop games. These are the best methods to develop logic and analytical thinking. And such an old good game as Monopoly can become your child’s best friend when learning to clever operate with finances.
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