Red Deer Money Management: Teaching Children About Money
Red Deer money management is one of the most important skills you can have. Knowing how to manage your money and credit can save you from financial difficulty in Red Deer, from preventing bounced checks to making sure you don’t file for a bankruptcy in Canada, in the long run.
By the time most children complete grade one they can add, subtract, and recognize currency and coin. A bank would be a great birthday present for a young child turning six or seven. At this point, parents can begin to teach their children the rudiments of saving and budgeting.
The Coin Jar
Most children are fascinated by coins. They love to look at and handle them. Families can play many coin related games with their children; it will help their studies and also help them understand the value of each coin.
Start by dropping loose change into a clear jar or bottle. As the variety of coins grows, play simple games with your children designed around questions like these:
- How many dimes in a loonie or quarters in a toonie?
- Which coins can I use to pay for this candy bar?
Children love to go shopping; whether you pretend at home or at the store, it’s a great learning experience for them.
Teaching Children Red Deer Money Management
Do you remember the excitement of dumping out your bank and counting out just how much money you had accumulated? Children love to deposit coins into their banks. To help your child learn about saving as it is related to earning, you might want to try providing small opportunities to earn coins to add to their bank. Some families post a list of coin-earning jobs that are available around the house. Learning to work and earn is a valuable lesson, especially when it is tied to a financial goal.
You can help your child set savings goals by allowing them the opportunity to buy things for themselves. By setting a small goal, your child can enjoy the excitement of reaching their first savings goal in a relatively short time. As they grow in experience, help them set loftier goals and also help them find ways to meet those goals. By helping them learn to save and buy things for themselves, you are teaching your children a very valuable lesson.
Teaching the Value of Money
It is very difficult to explain to an excited child that the one toonie candy bar they can’t live without at this very moment is only 3 quarters at the shop a little farther down the street. Help children understand value and pricing by playing out these types of scenarios at home. Children will quickly catch on and consider finding ways to get the most out of their “hard earned” cash a game. Ask for their help as you look over sale flyers while preparing your grocery shopping list. They will have a great time helping you find the best buys.
Share the excitement of money saved and earned by expressing the value of the savings they have discovered. Helping children recognize their part in reaching a personal or family financial goal in Red Deer will help your child grow in responsibility.
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