Raising kids can be tough but one of the toughest things you need to teach your kids about is money. Children are very impressionable at a young age which is why they need to be educated on being financially conscious. Author of the book ‘Make Your Kid A Money Genius,’ Beth Kobliner, gives parents some tips on teaching your kids the value of a dollar.
Kobliner says that the number one thing to focus on is waiting and patience with spending money. The key idea is that we wait for things that we really want which leads to teaching kids how to save their money and build patience to get what they want.
Not only does this lesson teach kids about money but it also imparts the importance of having patience, working to get what they ultimately want. They also learn how to delay gratification and focus on what they want to spend their money on.
For example, a child can spend money on a snack every day for instant gratification or they can choose to delay gratification of getting a snack, deciding to save that dollar that they would have spent on a snack for something bigger they want. To help motivate your kids you can give your kids a jar or piggy bank that they can put their money in so they can develop a concrete sense of what they need to do financially to get the things they want.
Kobliner says that research indicates that children as young as three-years-old can start to understand the concept of exchange and value, but the main key is to practice waiting to spend money.