How to Do It: 3 Important Things Every Kid Should Know What Money Can Buy
How to manage money is one core principle most families must teach and do for their kids before they even reach 15. Like putting up a business rather than indulging them, it is best to help kids learn how to make use of their money. The 2016, Parents, Kids & Money Survey, is a popular book by T. Rowe Price, says that 46% of parents have gone into debt just to pay something for what their kids wanted. Even before they reach 15, here are 3 painless ways that kids should know about money and earn it and avoid being part of the 46% of parents who went wrong.
Save for a Goal. Saving for a goal can start simple and start small according to experts from Joe Manausa Real Estate. You can start by opening a bank savings account and teach them to save up for the future. According to some researches, kids can’t grasp yet the essence of why it is important to save up for the future. Kids can learn to put aside their coins to buy a toy or a collectible according to experts from Joe Manausa Real Estate. 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. A spare time is what kids can use after school to do some chores. Do you know that as long as they put their effort and focus to it they can earn an unlimited amount of money? To start managing their own allowances you can encourage them to set aside some money for their savings and earn money by doing some chore jobs. 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. The people behind Joe Manausa Real Estate are encouraging kids to learn business while they are young. Always tell them that it is for their own good, for their future. Tell them about discounts and tell them about the rights of every consumer. You can show them how to compare prices and how to spend smart. 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.
These 3 important things are the best ways kids can learn about handling money, saving up, and how to spend it.