The kids in this decade come across a wide range of trends which the kids in 90’s didn’t. From strong presence of credit cards to new expenses in forms of games, smartphones and the likes. Youth is often seen struggling due to incorrect actions leading to failing financial health. Parents and teachers can make a difference by upbringing children in a way which guides them to be savvy and financially responsible. Ages 7 to 14 are termed as the most “learning” age. They are in process of developing habits, and practical guidance by parents can make a world of difference to their forthcoming adult life.
Don’t throw the coins
Money needs to be valued. Kids should learn that every penny counts. Parents may keep a big jar in the kitchen cabinet. Then go on to announce that every penny found under sofas, beneath the seats in cars, and under carpet needs to be placed there. The resulted amount at the end of the month should then be used for buying a nice toy, a trip to amusement park or anything that is of interest to your kids. They would stop buying unhealthy candies for the lost-and-found pennies, and instead try to convert them into a bigger pile of money and receive better rewards. The idea is to teach them how savings can bring out much better than what unnecessary spending would do. Top tip: You can contribute some loose change to help the jar grow- so they keep themselves motivated.
Sell or give away old toys and clothes
Kids today pile up needless stuff such as game CDs, broken headphones; small pants and old shoes. It is essential to let them know how having more than what you need can make life complicated. Also how acquiring only useful stuff is imperative. At the end of the year, teachers or parents shall ask kids to bring out their unwanted stuff and give away to needy people. In case of a gaming consoles etc., a visit to old good market can do the trick.
Buy old whenever possible
Continuing from the idea of selling not-needed items, also make them buy used articles. Instead of paying 50% extra on those video games, why not get them from a vendor selling old ones. Same applies for the books, bicycles and the likes. Kids will begin to value the utility of any item, not its face value.
Make them a young savers bank account
They are going to be indulged in banking sooner or later. Why not begin it today, and in a guided manner. Guide them towards saving. This time instead of loose change, they can keep 20 dollars off their pocket money every month to the account. Small increments to their saved amount would work as a perfect incentive to save more.
Assign tasks; make them manage money
Teacher can ask kids to arrange a small party every alternative week. School could give them a specified amount of money to be confined within. Such smaller initiatives will go onto make them wiser adults in future.