3 Things Every Kid Should Know About Money Before They Reach 15 – How to Do It
How to manage money is one core principle most families must teach and do for their kids before they even reach 15. It is best to help kids learn how to make use of their money, like putting up a business, rather than indulging them. It is said that 46% of parents have gone into debt just to pay something for what their kids wanted according to a popular book by T. Rowe Price, 2016, Parents, Kids & Money Survey. Here are 3 painless ways that kids should know about money and earn it even before they reach 15 so that you will not be part of the 46% of parents who went wrong.
Save for a Goal. According to experts from Joe Manausa Real Estate, saving for a goal can start simple and start small. To open a bank savings account and teaching them to save up for the future is one way of helping them. According to some researches, kids can’t grasp yet the essence of why it is important to save up for the future. Joe Manausa Real Estate and their associates believed that kids can learn to put aside their coins to buy a toy or a collectible. You can tell them that every dollar saved is a day that they don’t have to borrow or ask for money from you.
Manage the Allowances. To do some chores kids can spend a spare time after school. An unlimited amount of money is what they can earn as long as they put their effort and focus to it. You can encourage them to start managing their own allowances by setting aside some money for their savings and earn money by doing some chore jobs. They can do things like vacuuming, raking leaves, selling lemonades during summer, handing out pamphlets for Joe Manausa Real Estate, or taking out the trash.
Early Business Exposures. You can visit Joe Manausa Real Estate office to give your kid a tour on how real estate firms operate. Your kids will have an idea what it is like to earn money and how. Joe Manausa Real Estate and their associates are encouraging kids to learn business while they are young. It is best to tell them that you are doing this because you care about their future. You can tell your kids about the rights of every consumer and about discounts, which are both things important. And nothing beats a real-life trip to a convenience store. It is not just about teaching them the principles and ethics of business and earning money, but it is about building a habit and principles in them, so that later they will be the ones to pass it on to their children as well.
The best ways kids can learn about handling money, saving up, and how to spend it are these 3 important things.