Every Kid Should Know the 3 Things What They Can Do About Their Money and 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. To help kids learn how to make use of their money, like putting up a business, rather than indulging them is understood as a smart choice. It is said that 46% of parents have gone into debt just to pay something for what their kids wanted according to a popular book by T. Rowe Price, 2016, Parents, Kids & Money Survey. 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. According to experts from Joe Manausa Real Estate, 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. Every dollar saved is a day that they don’t have to borrow or ask for money from you, is a line that you can always tell your kids to allow them to grasp the importance of saving up.
Manage the Allowances. A spare time is what kids can use 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. By setting aside some money for their savings and earning money by doing some chore jobs is something that you can encourage them and help them manage their own allowances. Things like vacuuming, raking leaves, selling lemonades during summer, handing out pamphlets for Joe Manausa Real Estate, or taking out the trash, are some things that they can do.
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. Your kids will learn a lot from the mini-tour and have an idea how to earn money and how it is done. Joe Manausa Real Estate and their associates are encouraging kids to learn business while they are young. Let them know that it is for their future. Tell them about discounts and tell them about the rights of every consumer. And nothing beats a real-life trip to a convenience store. It is not just about teaching them the principles and ethics of business and earning money, but 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.
Kids can learn about handling money, saving up, and how to spend it using these 3 ways that are important.