Teach Children How To Spend Money

Dr. Jann Gumbiner, a psychologist and professor at the University of California, Irvine School of Medicine, said that since third grade, an American bank has come to school, opening it for her and the students in first grade.

`They showed us how to enter, stamp, and date each deposit. Then, every week, a bank representative came by for the students to deposit money. This was a great lesson in finances. I

But don’t wait until your child reaches third grade. There are some more important things about money that parents can teach their children at any age.

Children 2-3 years old

Education doctor Dorothy Singer, a senior researcher at Yale University, believes that children aged 2-3 do not understand the value of money but can start with lessons on distinguishing between coins.

Note, you need to closely supervise your child when playing with coins.

Playing shopping games is also a way to teach children about spending.

Young children like to play shopping games in the shop at home the most.

Children 4-5 years old

Before going to the supermarket, take your coupon with you.

`It’s an easy and fun way to explain to your kids about saving money,` says Neale S. Godfrey, president and founder of the Children’s Financial Network in Chester, New Jersey, USA.

Another way to teach children about money is to set up a restaurant at home.

Shop with your children at the supermarket to make them aware of the value of money.

You should also teach your children about the importance of waiting.

You can practice by finding a reasonably priced item that your child wants.

From 6 – 8 years old

When you give your children money, you must teach them how to keep it.

Parents can explain to the child how great it would be to deposit money regularly and the banking regulations.

Waiting to buy what you want is a way to teach your children about spending money.

Ages 9 -12

When your child is 9 years old, you can start reading prices on products with your child and comparing prices and quality.

Empower your children if you set up a family clearance sale.

Age 13-15

This is the ideal age to learn about the stock market.

Expert Godfrey suggests that you can pretend to invest in a company your child is familiar with, such as Nike, Coca-Cola, etc. Watch financial news together and explain everything in simple terms.