Parents who invest in educating their children early on about money management tend to have more opportunities to show – rather than just tell – them how to achieve their financial goals. In many ways, teaching the value of money can be fun and eye-opening even to young children. To make that possible, try incorporating these three elements into your child’s summer education.
Incorporating summer chores into daily habits is essential and it’s helpful to any parent. And, by offering a small allowance for children who adhere to their summer chores, you can directly link the importance of work and earning money.
- Give young children simple tasks such as putting away toys, helping to set the table for dinner, and walking the dog.
- For older children, ensure the tasks they complete directly impact the way the home works. For example, teens can cut the lawn, a task that must be done and, in doing so, they help maintain the home.
- Make them feel valued for doing a good job. And, don’t give them payment if they don’t complete the work.
Budget for Teenagers
Sit down with your teens at the beginning of summer to discuss earnings. Whether he or she has a job or not, many teens want to have more fun and get involved with friends and the community during the summer months. But, this is an important time to discuss the value of a budget. Use software to help them, if you like.
Ensure teens have a way to save money as well as a way to give to help others as a key component of their budget. When you demonstrate a budget to your teen, especially once they have a cell phone bill or car insurance policy to pay for, they can see just how valuable money really is.
3 Jar Saving System for Younger Children
Younger children need to see where their money is going. Take three mason jars. Label each one with where the money placed within it will go. One should be “spending” money, which represents funds they can spend however they would like to. The second should be labeled “saving” for funds they plan to save for something larger or just to have for later. Finally, mark a jar as “giving” for funds they can donate to help other people in some way.
Taking these steps can help your child to see and use money in a wise manner. It can also help you to achieve your goal this summer of showing your child just what money can – and even cannot – accomplish for their needs.