Before your eyes, your child is growing up quickly. It may have felt like just yesterday when they began Kindergarten, and today they’re almost in middle school. You may have laid out the groundwork for basic money skills when they were younger, but it can’t hurt to periodically quiz their knowledge to ensure they’re getting the basics down. Many schools teach math in relation to money and the real world, but it can always be a great way to further bond with your child and see their learning first hand.
Teaching At Schools
With the basics being taught at school, kids are going to grasp the mechanics of money handling, such as addition and subtraction models. But with this knowledge also comes a dependence on calculators and cell phones to help with some answers. With instant access to any answer you can come up with, most young adults may look up an answer before figuring it out in their heads. Even with teaching and instilling quick actions, Google searches can be a hard habit to break for some.
Hands On Skills
But just like teaching your kids the basics of the roadways and crossing streets, it’s always best to teach in real world models as well. Breaking out the Cheerios when they were super young was a great way to teach them about addition and subtraction, but you can use the real deal now that they’re a little older. Make sure they’re familiar with change and how to easily break the coins up. Give them cash as well and build up their confidence around giving and receiving money. Part of their allowance can always focus around proper ways of handling cash, and how to be smart with it. A dollar or more of their allowance can go into a savings account for them or given directly to your child as a means of instilling saving knowledge. With much of money being digital through the use of online banking and debit/credit cards, it can be tricky for children to think in terms of temporary money, where cash is an easy example.
Giving your child more hands on knowledge around money can help them understand better the ways in which they can start saving early and being mindful of their cash flow. Taking responsibility now will set them up for success in the future. You’ll get to spend some extra time with them while building a great foundation for better money management down the road.