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Helping Kids Understand the Link Between Hard Work and Earning Potential

Posted: February 11, 2023 at 8:18 am   /   by   /   comments (0)

Children have their own world in which they live and think that money is relatively easy to come by. All they have to do is pull mom and dad’s sleeves and ask for money and they will get it. 

Children think that parents have money in abundance and that it cannot disappear, some children understand that money is earned through hard work, while others take it for granted. 

It is very important to explain to children the concept of money, the origin of money, and how it is obtained through kids debit cards. They must understand that money is one of the most important secondary things in the world, and learning to handle it properly is like an ability that is acquired over years.

Source: Unsplash

For children to best learn the connection between hard work and money, you need to explain some things to them so that they can then take the next steps.

Explain to them the origin of the money

You can explain to all children relatively easily how money is made. Tell them that when they are in kindergarten or school their parents have to go to work to earn money for that month and provide a normal life for their family. 

It is always good to suggest to them that if they want to increase their allowance, they can do additional tasks within the house or community, and that way they can afford the things they want with their work.

The difference between needs and wants

They must understand that there is a big difference between their daily wants and needs. They have to make sure that parents have expenses that they are obliged to pay, such as rent, mortgage, loans, bills, food, drinks, kindergarten, and many other things, and after all the expenses, if they have some money left over, they can save or spend on the desired items.

Be an example as a parent

The best way for children to learn about finances is by observing their parents, and their habits and behavior toward money. If parents waste money and do not respect it, the children will do the same. Therefore, you, as parents, must be the best example for them because they will imitate you in everything, including money. You have to be a good and responsible example so that children become responsible and take on the roles that the future holds.

Give them a kids credit card

In addition to teaching them financial literacy, it teaches them saving, investing, and the responsibility of performing all the tasks previously assigned by their parents. These cards bring together the finances and responsibilities children must have within the household, community, and school with appropriate tables that can be adapted to each child’s age. 

The process of creating and opening an account is simple and fast. By providing the children’s personal information and paying money into the account, it is automatically activated. The children are ready to use it immediately. Various options offer various options, from a savings plan, spending, online shopping, earning, investing, and donating money all while performing duties.

Encourage them to find their niche and make money on their own

You must have had the opportunity to see children selling lemonade, mowing the grass for neighbors, walking dogs, or taking care of pets while the neighbors are on vacation. If your children are creative and like to draw and make jewelry, you can encourage them to start their small businesses and make money. 

One of the jobs that children do is babysitting. The possibilities are various, just don’t limit them, children are too intelligent and capable, you just have to let them experiment a little and encourage them to believe in themselves.

If they do something wrong, don’t save them

Children must bear the consequences of their actions, and take responsibility if they do something wrong. Of course, parents will always help children, but you have to let them learn on their own how to get out of some things and how to find the best solution.

Give them various tasks

Many parents decide to give their children various duties and tasks and pay them extra money if they complete everything on time. Of course, in this way, children learn that money comes from hard work and that it does not fall from the sky, or comes from magic trees and magic machines (ATMs).

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