Training up a child in the way we should go... Wise handling of money is part of our kids life training curriculum and just like any lesson in school, the concept of money is best taught using the three method of teaching: 1. Talk about it. 2. show it. 3. let them do it. Talk about it It is simply and basically teaching up our child on how to spend money wisely and all need to do is to talk to them about money openly. This does not mean though that you fight, argue, and complain about money in front of them. But talk about the concept of money and using it wisely. by simply talking about how a certain amount of money is required to buy things they need. Then explain them about earning money. Tell your kids how people work and get paid for their labor.You can set an example options to earn money like being employed or by simply running your own business. Explain that children are given money for their everyday allowances because they are not yet been able to go for a work and earn for themselves. Let them understand that we " The Parents " didn''t get money as simple as they know. Help your kids understand budgeting and saving using simple analogies. Give them an example, budgeting can be likened to slicing a loaf of bread so that all family members can get their share according to their needs. Tell them that over spending, like eating all they want and more than what they need, can result in painful and regrettable consequences. And keeping the extra bread for the following day, extra money should be saved for future needs. Show it Kids easily learn by observing others so all you have to do is show them how you handle your money wisely. Show to your children your budget plans and of course your pay slip or let them help you count your business daily earnings. Bring your kids to the bank and show them how you save some amount from your earnings. Show them how you pay for your groceries so they will have an idea of how much money is required to get a certain amount of goods, at this point your child may think how important is saving a little amount of money.
&nb; Let them do it Let your kids handle their own money and let them apply what you taught them. For kids too young to earn and save, the concept of money may be practiced through role plays. Give your kids a play money that they can use when they play. For older kids, aside from their school allowance, you mat suggest projects that can help them earn their own money like making crafts and artworks. You can also help them prepare simple food products to sell during weekends in your neighborhood. Summer jobs like helping in your store or a neighborhood store, are also good earning opportunities for older kids and teens. Saving, budgeting and giving may be practiced by letting kids allocate their money. Do this creatively by providing them with clear jars to serve as designated "piggy banks". Designate one jar each for the following: weekly spending money, money for others, saving for personal project, and saving. Label each jar and put a photo that correspond to where or who the money will go. For example, paste a photo of your kids for his weekly budget; and a photo of that bike he always wanted to buy on his personal project jar. It is good to use clear jars so that your kids can see how their savings grow and also see how their money becomes less each time they spent it. More than giving our children material wealth, Teaching them how to handle wealth wisely assures them of brighter future. As the sayings goes, give a man a fish and you feed him for a day but teach a man how to fish and you feed him for a lifetime.