How to Do It: 3 Important Things Every Kid Should Know What Money Can Buy
Before they reach 15, teaching kids how to manage money is one core principle most families do for their kids. It is best to help kids learn how to make use of their money, like putting up a business, rather than indulging them. According to a popular book by T. Rowe Price, 2016, Parents, Kids & Money Survey, says that 46% of parents have gone into debt just to pay something for what their kids wanted. 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. Experts from Joe Manausa Real Estate believed that saving for a goal can start simple and start small. To open a bank savings account and teaching them to save up for the future is one way of helping them. Kids can’t grasp yet the essence of why it is important to save up according to some studies about kids and money. Experts from Joe Manausa Real Estate believed that kids can learn to put aside their coins to buy a toy or a collectible. You can tell them that every dollar saved is a day that they don’t have to borrow or ask for money from you.
Manage the Allowances. To do some chores kids can spend a spare time after school. Do you know that as long as they put their effort and focus to it they can earn an unlimited amount of money? You can encourage them to start managing their own allowances by setting aside some money for their savings and earn money by doing some chore jobs. They can do things like vacuuming, raking leaves, selling lemonades during summer, handing out pamphlets for Joe Manausa Real Estate, or taking out the trash.
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 the rights of every consumer, tell them about discounts. And nothing beats a real-life trip to a convenience store. It is not just about teaching them business, math, computations, how to earn, but the habit and the principles on how to manage their money and savings.
The best ways kids can learn about handling money, saving up, and how to spend it are these 3 important things.