How do you teach your kids about money?

A lot of people don't know how to manage their money. Many people go into debt after college because they can't use their money in a proper way. It's important to know about money at a young age. How you teach kids about money depends on their age. There are different ways to teach your child about money. Elementary School Level. . 

1. A clear jar can be used as a bank. Your child can see how much money they have on a daily basis. One day, they may have a dollar. They might have a dollar and a dime the next day. Make sure you make a big deal out of it. Knowing how much money they have is important in showing them how nice it is to have money. 

2. The stuff that costs money should be shown to them. When your child knows that the things they want cost money, they'll want to save up for them. 

3. Set an example. It's important that you set a good example for them to follow because little eyes are watching you. Don't argue with your partner about money in front of your child. It will make them worry and make them believe that arguing about money is normal. Tweens. 

Commissions should be given instead of allowances. Your child should not be rewarded for sitting on the couch all day playing video games. They should be made to work for their money. They should sweep the kitchen floor, do the dishes, and do the laundry. They can see how hard it is to be paid when they work for their money. This will make them feel like they have a real job. 

Sometimes you have to prioritize your spending. If your child wants to buy new shoes, remind them that they won't be able to buy the dress they want if they buy those shoes. They will think about which item they would rather spend their money on. 

Stress the importance of giving. It might be a good idea to convince them to donate some of their money to a charity once they start making their own money. This simple action will allow them to realize the importance of giving and money. Teens. 

They should have the responsibility of a bank account. Allowing your teen to have a higher amount of money in a bank account will allow them to be more aware of how they spend their money. 

They should be taught about the dangers of credit cards. Credit card salesmen will try to get your child a credit card when they're older. They could fall victim to credit cards if you don't teach them why debt is bad. How you teach your child about money depends on their age. There are many techniques that can be used to get the message across in this type of concept. If you don't teach your kids about money, someone else will, and you don't want that.