ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to Train your Kids about Money Management

Updated on August 14, 2014

Money management is something that we all study in schools and colleges but learn only at home. At college we study about finance but do not learn how to handle personal finance so home is the best place to teach about handling finances.

Young age is the best time to train your kids for anything and everything. Whatever you do in front of your kids will help them make their priorities in later life so do the best in front of them and in return expect good from them. Some simple strategies can help you train your kid about money management. Many values which become in younger age stay with us for the whole life so its better to say no to your children's unneeded demands in young age than to give them wrong training. Inform them about the importance of spending wisely. By avoiding impulsive buying and wastage of money you can train your kids about the use of finances in later life.

Source

Money Management for Kids

  1. Give your kids incentives for completing any house chore like giving water to plants, cleaning their rooms or putting everything in their proper place.

    Benefit: from childhood they will know that money can only be obtained by working hard. They will give importance and respect to work. Secondly they will never feel shy in doing any odd job in their later life. This is the best and easiest way to tech children about sense of responsibility.

  2. Keep a penny box for your kids so that if they have some meager amount they can put it there. Sometimes kids throw money here and there as they do not know how important is it for them if they have a box they will save it.

    Benefit: we do not care about small amount of money. Money wastage take place just because of this small amount of money. Kids will know that small can become big as they will save money in the penny box and later on get handsome amount out of the box.

  3. Develop habit of giving to the needy persons. Ask them to give money even if it is a coin of 1 to a charity.

    Benefit: two habits of every successful and rich human beings are that they do not waste money on useless stuff and that they give money to charity. Let your children feel the pleasure when they give money by their own hand. This will also reduce love for stuffing their wardrobes, rooms and bags. They will know that money should always be spent on the right place and for the fulfillment of right need regardless of whether it is your own need or of someone else.

  4. Keep their wardrobe simple so that they know about how to fulfill needs and how to keep it simple rule in their life.

    Benefit: from childhood say no to their unneeded desires. If you start buying unneeded stuff for them you might feel good but will ruin their personalities and they will face many problems in later life. Buy as much as is necessary for them.

  5. For school-going kids make home-made lunch rather giving them money to eat any junk food from cafeterias.

    Benefit: junk food is never good for health let your child know it. As they will go to secondary school and college they will feel craze for junk food but if you have given awareness regarding the negative effects of these food your child will not go for it.

  6. Avoid any show-off of wealth in front of their friends.

    Benefits: show-off is the first symptom of love for stuff and love for wastage of money. If you tend to say in front of his friends that your child has every kind of sports cycle and his room is full of toys of of his choice you will inculcate habit of gaudiness in your child. Such habits cause big problems in future.

  7. Give them awareness about anything and everything.

    Benefit: simply let them know what is right and what is wrong. Read more and more about how to rear-up children and apply it in your life. Do right things and your children will follow it automatically.


Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)