Quick Tips for Teaching Your Child About Finance

Kids learn quickly and achieve significant results when their five senses are stimulated. In this article there are five simple tips parents can use to teach their children about money while stimulating all five senses. Using all five senses will motivate children with increasing their awareness about the power of money working for them instead of against them.

Finance Tip #1: Monitor Your Feelings about Shopping- Shopping with a purpose (spending plan) will always save your family money. Shopping while feeling stressed or anxious often seduce families toward overspending and produce debt. Choose to experience feelings of patience, fun, and self-control before shopping.

Finance Tip #2 Visit Your Local Bank- Maximize your child’s visual learning about the banking system by visiting your local bank. Improve your child’s vision for saving more and spending less, by opening a savings account with the money they received from birthdays, kids business or allowance.

Finance Tip#3 Volunteer with Your Children- Spend an hour volunteering with your children by helping others who are less fortunate. Stimulate your child’s sense of hearing by speaking to them softly about donating a $1 or more of their birthday money, kids business or allowance to help seniors, abused children, animals or feeding the homeless.

Finance Tip #4 Have Fun- Introduce new ideas and games like “Guess that Smell.” Have your children close their eyes for thirty seconds to guess the smell of the mystery foods you have already prepared for them to eat. For each correct answer allow your children to earn twenty five cent toward the investment of their first penny stock. Pack a variety of foods with different odors; such as oranges, pineapples, strawberries, something with a little cinnamon, a little garlic and of course chocolate.