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4 Tips to Teach Financial Literacy to Your Child: It Will Come in Handy
09.03.2023 09:00
Updated: 14.04.2023 13:41
Throughout life, a variety of knowledge and skills are needed. Adults know this very well, which is why they tell children that they need to study and learn something new.
They work with their child on school subjects, sometimes read additional literature. Traveling, visiting museums – all this gives a positive result.
Many people, in such efforts, forget that there is also money, and the child also needs to be taught how to handle it. But parents can always correct mistakes, make up for the omission and instill financial literacy in their child. Here are some tips to help them with this.
Give pocket money
This should be done starting from the age of 6-7. This will allow the child to have the opportunity to make small purchases. You can also suggest that he keep track of income and expenses, enter in a table how much money was received, what it was spent on.
This will allow the child to understand that finances need to be handled wisely and that they should not be spent on everything.
Let's earn money
It is clear that no one will hire a child. But his first employers may be his parents. They need to set a symbolic fee for the child helping to wash the floors, for going to the store.
When a child receives a reward for his efforts, he will feel independent and will feel confident.
Allow to make mistakes
The child will make spontaneous purchases, and will do this repeatedly. You should not scold him for this. You need to support him, sympathize with him. This way he will not consider himself a loser.
But he will definitely gain valuable experience that will certainly be useful to him in the future.
Show how adults make money
This can be done in everyday life. You will need to let your child take the initiative, communicate with sellers, cashiers, and count change.
He can also decide whether to tip the waiters in the cafe or not. This way he will understand what he gets his money for.
Such simple techniques will definitely make a child financially literate. Surely, he will be grateful to his parents for this quality.
