Money is vital: Parents, make sure your child learns these seven key money lessons!

You should teach your child how to save money.

One of the most important things you can do as a parent is to teach your child about money and how it doesn't come from trees. Because our schools don't really teach a lot about saving, the parents are the only ones who can teach their children about money.

Do you spend money?

As parents, you need to show your kids how to spend and save money the right way. If you have a huge home loan, car loan, or credit card debt, this is especially important. You don't want your kids to make the same mistakes that you did.

Seven money tips!

To raise a money-savvy child, you should teach your child seven important lessons. To help your kids learn the important money skills they need, read the tips below. You'll thank us later!

Start saving your money now.

Everybody should start practising what they say. It's never too late to start. So, if you want your kids to learn about money and only spend it when necessary, you should do the same. This is very important because kids pay attention to what you do, not what you say.

Then, show them how to save money.

If you want to teach your child the value of saving, the easiest way to do so is to keep two jars, one for savings and one for spending. So, when your child gets money for birthdays, chores, or when relatives come over, show them how to split the money evenly between the two jars that you have.

Show them how to stay within their price range.

When you give your child their pocket money for the month, show them how to spend it so that it lasts all month. Refuse to give them extra money if they spend their allowance without planning for the rest of the week. They might not be able to afford it.

For something they really want, help them save money.

Whether it's the newest game or a toy they've been wanting for a long time, you need to teach your child how to save so that they can get what they really want. Doing so makes them learn how to wait for something that costs a lot to come on the market. To help them avoid impulse shopping later in life, they should start now.

Teach them how to keep track of their money.

To help them learn how to save money, show them how to write down how much they spend. Give them a finance notebook and ask them to write down how much they spend. Also, encourage them to keep receipts and bills so that they can cross-check them later.

Help them understand why advertisements are there.

It is very common for kids to be drawn to advertisements on the TV and want the same things. People who raise kids should teach them about why advertisements aren't things that people should want.

Then, while you're at it, you can also teach them about the tricks that people use when they want to get people to buy more things.

Money doesn't grow on trees.

Because it's hard to earn money and easy to spend it all in one day, this is one of the most important things you can teach your child about money. You have to tell them that money doesn't just fall out of the sky. It takes a lot of work and toil. You can teach your child how to do things like clean the dishes, water the plants, go grocery shopping, and so on by giving him or her money for doing them.

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