Kids & Teenagers are inexperienced & innocent so they don’t have much idea about how money is earned & how money should spend. So for Parents it is advisable that every parent should start teaching about money management to their kids at early age. So if Kids follow Money Management then it will become their habit & they will become good money manager in future. A lot of people graduate from college without any idea how to manage their money or balance their bank account. Maybe we were one of them. Now that we’ve learned more about managing our money right, we want to Help Our Kids not make the same mistakes. So here are 9 Tips to teach Kids about Money: Start with a Transparent Jar or Piggy Bank: The piggy bank is a great idea, but kids can’t see money in it so use a transparent jar. When Kids use a transparent jar, they see the money & can be encouraged to save more or like in how much time they can fill the jar. So parents should encourage them saving in a clear piggy. Kids follow what they watch so set an Example: Kids observe & follow their parents. If parents are slapping down plastic every time they go out for shopping grocery, clothes or for dinner etc, kids will notice this eventually. If, at month end parents do argument about money, kids will notice. So all parents are suggested to set healthy examples in front of their kids as there is chance that Kids follow all these when they get older. Teach Kids that every stuff costs money: Parents should show and make the children understand and feel that anything in the world requires spending of hard earned money. So sometimes make them pay on their own for their requirements so that they can understand what spending of own money feels like. Teach Kids about opportunity cost: It’s just another way of telling kids that, “If you spent all money to buy this toy, then you won’t have the money to buy your favorite skates.” At younger age, kids should be able to weigh decisions and realize that each decision has a consequence and it’s a responsibility of every parent to realize & teach kids about spending of money. Give commissions, not allowances: Teach Kids to Earn: Parents should not give money easily for everything Kids demand instead of this parents should teach them how to earn. Like if Kids clean their room, taking trash out of home or any small work they can do for all these parents can give them reasonable amount or can say some commission for completing their task. It will help Kids that how money is earned – it’s not just given to them. Make Kids Responsible Bank Account Holder: For teenagers parents should open a simple Bank Account. Parents should let kids handle their bank account independently if they follow & understand above mentioned teachings. By managing a bank account teenager will understand money management & it will make them responsible & it will help them to manage & save more money easily in future. Teach Teenagers the Credit Cards Risks: When a teenager just turn adult they will get hounded by Credit Card Companies, these companies target College Students & show them lots of benefits like Card is Free for life time, can get lots of discounts on their purchase, can use in your hard time & many more types of other lucrative offers. So parents should teach them that having debt is bad idea & should have watch on expenditure of their teenagers & tell them in their bad time you are with them. So they can understand easily. Teach Kids that Money is Hard Earned asset & finite Resource: When kids see currency notes pop out of the ATM, they don’t realize that money is a finite resource. Explain that you work hard to earn money, and the bank is just a place that keeps it safe & money is limited. Make understand Kids to use money wisely & avoid unnecessary expenses. Teach Kids to Work within the budget: Parents should teach kids to always stay within the budget to develop that healthy habit. It prevents them from over spending and buy sensibly and take time in choosing the required one too. Make understand Kids to use money wisely & avoid unnecessary expenses. By teaching these simple habits parents can make their Kids good money manager & it will surely help Kids to understand how to Spend Money wisely.
When it comes to Safety of Kids, there can be no chances taken. A child needs to be taught ways to predict danger in an efficient yet simple way, which would make them more aware, instead of being panicked. Considering the age of a child and developmental level, the safety skills must be inculcated which one requires at that point in their life. Different Ways Adopted To Ensure A Kid`s Safety: Here are the most necessary tips to ensure Kid’s Safety Demonstration to Teach: The best way to teach any skill is to demonstrate how it looks, and then practice it until the child can use it alone. A child should be allowed to speak up for themselves, otherwise if they are constantly dictated what to do, they might never be able to choose and fight their own battles. A kid should be provided with examples and opportunities to portray a strong body language and a firm voice so that they can defend themselves. Suspicious Behaviour Recognition: A child should be taught to recognize suspicious behaviour. Instead of telling them to be scared of an unknown person and run away from them, a child must be taught to detect danger and uncanny situations. Instances like, a stranger offering candies, asking for directions, asking for personal information, showing inappropriate behavior; kids should be aware of such circumstances and never succumb to the given scenario. They should be taught to stay away from such strangers and never offer or accept any help from such people. When Kids are alone at Home: At home, a child should never be allowed to open the door. They should be under strict supervision of a professional, incase their parents aren`t home, and they should never be allowed to open doors and allow people inside, who are not their family members or relatives. Memorize Name, Contact Number & Address: At an early age a child should be taught to spell and write their full name and at least know the name of one parent. They must know their address and telephone numbers of their parents and emergency numbers like 9-1-1 or 1-0-0. Strangers Identification: A child must be taught to identify unknown people around them, and they shouldn`t be allowed to mix with strangers who act too friendly. Whether it is a girl or a boy, safety is meant for everyone, and they should be taught, not to trust any stranger blindly and avoid making any kind of physical contact. Quick Exit when in Danger: A child should be suggested that, if they ever feel they could be in danger, they must use the fear instinct and leave immediately. If their gut instinct strikes them that something is wrong and uncomfortable, they must exit without any delay and their parents must support their decision. Every parent fears danger and any kind of harm to their kids, especially considering the prevalent news and incidents. Thus, they should waste no time and teach their kids basic safety precautions from an early age itself. There really is no wrong time to start teaching kids about online safety, dangers around the house and how to deal with any situations that arise with strangers. The conversations and lessons should be ongoing, and the main agenda of a parent is to make their child aware and alert about uncanny situations.