It doesn’t take long for your little ones to realize that the green paper in your wallet has a special ability to get them things. Before long, they start wondering what it is and how it works. If you want to help your kid out in a big way, teaching them the basics of how to manage money at an early age is critical. Here are a few tips to try out when you want to help your child in this area.
1. Let Them Earn It
From an early age, you should associate money with doing something to earn it. Let your children do odd jobs around the house to earn $.50 or $1. Once they get older, you could let them mow the neighbours’ yard or do other miscellaneous jobs. You don’t have to just let them trade work for money either. For example, you might want to let them set up a lemonade stand or sell something else. Help them foster the spirit of being an entrepreneur as much as possible.
2. Encourage Them to Give Back
One of the most important lessons that most people learn is to give some of their money back to charity. Whether that’s giving money to a local church or giving it to a special cause, it can make a big difference for those who need it. Show your child how to take a percentage of each paycheck and give it to a charity. This will not only help them make a difference now, but it will also give them some nice tax breaks in the future. [Read more…]