It is vital that as parents we teach our children about money. Back in the day our parents didn’t talk about money or what things cost. When our parents came home from work they paid the bills and made sure that the family was taken care of. And if you were to ask about money you were told not to ask. Today, with the help of industry professionals at Columbia Bank East Brunswick and other banks, we have a greater understanding of money and how it is used in our world today.
What do things cost?
To start our children down this path to learning about money we need to teach them what things cost. To start doing this you will want to use fake money from a board game or draw up your own money on different colored pieces of paper. Then find items around the house and put a price on them. For example, dinner would cost two blue pieces of paper with a five on it and a toy may be a blue and a green piece of paper with a five and a ten on them.
Teach them to save
You want to teach children that it is a better idea to save their money than it is to spend it. You can do this by giving them a challenge to fill a can with money. Again, you can do this with paper or fake money. Tell them that with each tasks that they do they will get paid a certain amount and that amount needs to be put into the jar. Then at the end of the week they will see how much they made.
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Teach them to value what they purchase
Finally, you need to teach them to value what they purchase. If they want to purchase a toy or they want to go to a movie then you will take this money out of their jars and replace it with what they want. Over time they will begin to gain an understanding of what money is and how it works.