The greatest lesson you can pass to your children (teach your child the value of money?

The way children view Money will often carry through into adulthood, so it's important to give kids a good financial grounding from young age.

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Although schools are now required to teach children financial literacy as part of National curriculum; this only takes place after the age of eleven, by this stage children may have already picked up good and bad habits from anyone closer to them.

Five-and 6-years-olds are starting to develop the cognitive skills necessary to understand basic monetary concepts, such as indentifying coins, knowing that liability are those things that takes money out of there pocket. When asset are those things that bring money into there pocket.

It is also Noble and good to teach them enough about the value of money to empower them succeed at whatever they choose to do in life. Here are some tips to helps you teach your children the Value of money.

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1. Let them buy there own Xbox: you will likely showers your kids with toy's and gifts as they grow, many of which have genuine health benefits- like bicycles, skate boards or skies, there will be some things along the way that you And your kids may not disagree about, this appeals like video gaming systems. These are valuable opportunities to teach your kids about money. Let them save their allowance and work for there money to buy what they want. If you hire them to do chores, be sure not to pay them more that the neighbors would pay. The goals is the teach them how valuable Money is. And if you cheaper it they will.
   
   
2. Give your child a small allowance: giving your children a small weekly or monthly allowance that they can spend as they wish help them, it should be enough for her to buy minnor items, such as trading cards, hair chips, or ice cream bars. The next time you go shopping, tell your child to bring her money if she thinks she might want to purchase something. What if your child has blown her wad and still begs for ice cream? Tell her she'll have to wait until the next allowance day, if your wallet is always open to then, they'll never appreciate what it means to save and invest.
3. Encourage them to make donation to charities: if you expose your children to genuine (little)poverty and help them see how small Amount of their money can make difference in someone else life. Who is struggling, it will make them not only appreciate the value of money, but adobt a kind and generous attitude.
4. Let them pay it the hard way:  mistakingly your child get cast with threathening amount of bad debt? Don't make the mistake to pay it off for them, assist them when they struggle with it. To pay it off.
5. Help them buy those pieces of property: your child can start saving at a young age to buy their first piece of investment property. You can partner with them to make the process go quicker, or let them do it entirely on there own. But actually you have to do the legal pieces and actually buy the property. But if it there money they can.
6. Involve them in college savings: even though your kids should contribute to there college education expenses, most parents recognize that the high cost of college effectively puts burden on the parents. Open an account  for each of your children and make contributions to each one equitably, show then how their fund is growing. And how it compares to the costs of the education they want. Don't put this money in their judgement, you.d hate to see the college fund become a beautiful new car for high school or a frozen banana stand beach after high school graduation.

Godfrey Kuma

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