How To Teach 3 Year Old About The Five Senses Teaching Kids About Saving Money

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Teaching Kids About Saving Money

Many millionaires and billionaires teach their children how to save money from the time their children are five years old. These personalities of the time know that the value of money is important to be taught young so that a sense of frugality could be instilled in their children.

Being frugal are some of the best-known secrets of the world’s rich. They may be glamorous and spend too much, but in fact, they are just wise about their money. They have expertise in managing their assets and liabilities to ensure their longevity in being rich. Their luxury lifestyle is often sponsored by business affiliates or colleagues, although some will indulge in items once in a while, but not always. His discipline was instilled to prevent him from spending his riches.

That is why children should be taught the art of frugality and the value of money, no matter if their parents are rich or average. When children are still boys, parents tend to give them everything they want and this can lead them to think that they can have anything they want while growing up. If parents want to stop this overbearing attitude, they have to practice tough love. There should always be an explanation for why some rules are implemented and why they are disciplined. Of course, with the state regulations regarding the protection of children, the discipline of children must be checked. It is really enough to talk with the child so that he can understand why what he could do is wrong.

When children can overcome their phase of surviving in the terrible twos, then they tend to look up to their parents in terms of many things. This is the “why” stage and parents should be patient enough to explain to their children what, how, why or when.

Instill frugality in your children as youngsters who can open a savings account under their name. Allow them to designate a certain amount of their money in the bank or rely on the old reliable piggy bank to keep their savings.

Your child must learn not to lose anything. They encourage their young minds to make something that can also be used, for example, paper cups that have been cleaned can be used as art material in the school for crafts. During parties, tell them not to have what they can consume. Little things like these examples can be subconsciously instilled in the child. Therefore, when they are older, they will not lose anything even if they can manage to afford it.

The spending habits of the younger generation today is more difficult to curb, since online shopping, games and other Internet schemes are accessible with a single credit card and a click of the mouse. That is why parents should always find it in their hearts to discipline their children in spending style. Also, warn your child about the danger of online shopping and other risks involved.

Exercising tough love on your child can be painful, but know that you are only doing it for their own good. Resist the temptation to meet all their needs and avoid your children becoming spoiled brats.

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