Why Is It Important to Teach Your Kids About the Value of Money?

Money: it’s a critical part of life, and it never is too early to teach your kids the value of it, as well as the importance of saving, so they’ll be prepared to sensibly spend as they age. Here are 3 ways to teach your kids about the value of money:

Expand on fundamentals of math

As your kids start school and start learning the fundamentals of math, start educating them on money and provide them practice. Play some money games in your home, or you can download them to your tablet and/or computer. That way, your youngster learns how cash actually is used.

Buy them a piggy bank

This simplistic act teaches your kids the importance of saving, as well as engenders a sense of responsibility in dealing with money.  Encourage them to save a specific quantity in a certain frame of time, or recommend that they save coins of a certain denomination. To keep it interesting, make it a fun game, as well as a goal. On a chosen date, open up the piggy banks and count their savings. Make some kind of visual record that encourages them to save even more, and teach them the fundamentals of record keeping.

Get them familiar with banks

Take them to the bank and open up a savings account in their name.  Allow them to speak with the teller and do their business themselves. Be certain they know the account’s terms and conditions, and recommend that they commit to putting in consistent amounts on a monthly or weekly basis.

Check out the play money Partypalooza has! It’s not Monopoly money but it’s worth just as much! Children have lots of fun playing with money. You might also check out the other money-related items we offer, which include wallets, coin purses, and so much more!

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