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. The 2016, Parents, Kids & Money Survey, is a popular book by T. Rowe Price, says that 46% of parents have gone into debt just to pay something for what their kids wanted. 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. Experts from Joe Manausa Real Estate believed that saving for a goal can start simple and start small. You can start by opening a bank savings account and teach them to save up for the future. Kids can’t grasp yet the essence of why it is important to save up according to some studies about kids and money. Kids can learn to put aside their coins to buy a toy or a collectible according to experts from Joe Manausa Real Estate. They don’t have to borrow or ask for money from you if you will tell them that every dollar that is saved a day is the answer to their first predicament.
Manage the Allowances. Kids can spend a spare time after school to do some chores. They can earn an unlimited amount of money 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. So your kid will know how real estate firms operate you can pay a visit to a Joe Manausa Real Estate office. An idea on what it is like to earn money and how is what they learn from the mini-tour. To learn business while they are still young is what the people from Joe Manausa Real Estate are encouraging kids to do. Always tell them that it is for their own good, for their future. You can tell your kids about the rights of every consumer and about discounts, which are both things important. Let them make their own choices so they will be smart choice makers when they grow up. 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.