Wednesday’s Wisdom: Children and Money Managment
In aspiring to teach my son about money, to show him the value, and to respect his belongings, I am going to be giving him an allowance, at age four. Instead of rewards for good behavior and for doing his chores, he now gets a stipend that I choose based on whatever my budget allows. We are going to be getting an ATM Bank that will allow him to keep track of his savings. I will keep the ATM card and PIN, until he is old enough to have the information himself, as this toy is recommended for older children.
By having your children save money this way, they can keep track of how much money they have at all times, and this will help them learn about spending, saving, as well as how much money it takes to buy things they want, and things they need.
What are your thoughts on ways to teach your children money management skills? How early is too early? Share them below.
Picture is credited to Amazon.com and depicts the ATM Bank toy mentioned.
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that’s a good idea. I bet it will also make him comfortable with handling money and help him along with counting it so that he’ll have a head start when he gets to that at school. There are some great toys out there. To my dismay, though, every toy that comes into our house somehow turns into some form of military play or Pokemon battle.
Cin–
I know what you mean. I am so tired of every toy turning into something different, haha. I hope the toy ATM really helps, but financially, we’re looking at a couple weeks before we can get it.