Kids are keen to play – it is their nature. Hence people tend to think that if the lesson to save money is to be done early in life, it should be performed with playful things. However, instead of pouring them with Monopoly and Life and scores of computer or board games, it is better to put those games away. This is because such playful games, however pleasant and fun, will never best translate the playing skill into the very skill which is suitable for ups and downs in the real life.
You can go bankrupt after making mistakes in hotels investments, purchasing houses, and collecting rent in Monopoly games but you know that out of the board the ordeal is not as big as that: you feel less threatened. But you know too that teens will be shocked when they find out that you cannot save, spend and earn real money by only throwing the dice – except when the kids decide to become gamblers. Making a preparation for the children in their early life, as early as four, to be able to properly manage their own financial matters will make sure that the shock and possible financial mess will not be too devastating.Real Life is the Best Classroom for Children
Real life is where the game should be performed. Of course it does not mean that the kids are to be involved in your major financial decisions or they are to start up their own business.
One suggestion is having them doing household chores so that they can earn an allowance legitimately: you earn something for what you did. You can tell them that the allowance will be saved for a certain period so that they can buy the latest video game or racing car when the saving had reached the sufficient amount. If they already had a sense of possession and hence refuse to do your advice, just let them do the mistake. When the video game or racing car is available, the teens will eventually know that they had made a mistake indeed.
This way you give them the important lesson about what it means to save money: hold it in a deposit so as to be able for use when the right time comes. This also will nurture their work ethic as well as the likelihood of fiscal responsibility. When teens know how to properly earn, save, and manage their financial matters, and had learned from their financial mistakes in their childhood, as well as building a habit to save money, they will be prepared enough as an adult to face whatever ups and downs in the much bigger and serious financial events.
Rais Manto is an online writer, translator, and editor.
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