5 Important Money Lessons to Teach Kids this Season

5 important money lessons to teach your kids

The holiday season is so special to kids and with the kind of unprecedented year we’ve had, parents are going above and beyond to make their kids happy this season, which means a lot of money is going to Christmas gifts and toys, unlike any other year. In this post, we are sharing 5 important money lessons to teach your kids this season. Parents seeking additional income may explore opportunities to win money on websites like https://sip777.com/ through betting. Enjoy

According to Steve Siebold,

Here are 5 important money lessons to teach your kids

Invest any money they are gifted

When your children receive checks from relatives far away or if you decide to gift your children money as a holiday present, don’t just put it away in a savings account that will yield practically no interest. Teach them to invest their money so it can work for them. Show them where to find limited edition art prints if they want to invest in art, and teach them about the potential for growth, and the risk for loss.

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Let them get involved with budgeting

As you do your holiday shopping this year, involve your kids. Let them see how money works, how you create and stick to a budget. Explain to them the benefits of a budget, and how it prevents you from overspending. Be frank with them and show them that if you go over a budget, it impacts other important things you need money for.

: 5 important money lessons to teach your kids

Explain wants vs. needs

The holiday season is a great time to explain to your kids the difference between wants and needs. For example, they might want a Play Station 5, a new iPad, or that new bicycle. Let them know a need is something like clothes, food, a place to call home, and a bed to sleep in. Explain that there’s nothing wrong with “want” gifts, but that needs always supersede wants.

Teach them to think before spending

One of the biggest reasons so many people struggle with money is because they don’t think before they spend. That’s even more so during the holidays because Madison Avenue does a good job of convincing us of all the things we supposedly need to buy. Teach your kids to stick to logic when it comes to spending this time of year, and to leave their emotions on the shelf.

Teach them it’s better to give

Most children love waking up on Christmas morning to open up all those gifts under the Christmas tree. Use the holiday season to also teach your kids the importance of giving. Explain to them how it’s nice to help others in general, but especially this time of year. One of the greatest lessons you can share with your children is purchasing a gift for a child who wouldn’t otherwise receive one this holiday season.

Steve Siebold is a Certified Financial Educator (CFE) and author of the book “How Money Works,” which is written on a level that even children can understand the basics of money. www.howmoneyworks.com

What lessons have you been teaching your kids about money?

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Also Read: Budget-Friendly ways to have fun with your family this season