It’s time for bed and your kids are ready to snuggle up under their covers and fall asleep to the sound of your voice while you read their favorite book. Maybe your kids love to hear you read the story about Little Red Riding Hood or maybe they love the story about Rapunzel, but it’s important to throw some educational books into the mix every now and then. I am not suggesting that every single night you have to read about saving money to your kids, but teaching them about the value of money at a young age will help them appreciate the value of money as they grow up.
Kids finance books can be both fun and educational
It’s important that kids learn about financial responsibility at a young age because it is the foundation for their financial future. If kids never learn about how to save money or live on a monthly budget, they may spend carelessly and find themselves in debt later on in life. If your kids learn how to manage their money they will be able to save for their personal goals such as going to college, renting an apartment, and buying a home.
Teach your kids the value of moneyTeaching your kids about the value of money, how to earn money, how to live on a budget, and how to save money also gives them something to look forward to. Having personal goals, whether it is to buy a new Barbie doll or buy a new Hot Wheels car, gives your kids something to work towards and teaches them to appreciate the value of working towards the things that they want in life.
If your kid wants to buy a new video game and it costs $49.99 then they should have to work for it. Have your son or daughter make their bed, set the kitchen table and help clean up around the house at a certain rate of pay per hour (i.e. such as $8.00). Once your kid has worked enough hours to pay for the video game then you can buy it for them.
Kristina is a lifestyle and personal finance blogger and you can follow her on Twitter @TKBlogs.