So let’s start by talking about money in general and why it’s important for kids to start out with a good understanding of money and how it works.
Money is a critical commodity nowadays, and having knowledge about how to handle your money is necessary to have a happy life. By teaching your children to become skilled at finances, you will be able to give them the chance to do better in their future with their money. If they start early, they will learn how to make good decisions about savings, spending, investment and other financial issues.
When your child knows how to count, it is important to teach them about money. You can teach them about the denominations of money and how to count it. Tell them the different values you want them to know about how much things cost. How to save, invest, and spend wisely are important lessons.
Teach your children what they need, what they want, and what they can save for in the future. This will help them decide what to spend their money on in the future. Saving is critical because it helps them feel independent and gives them the power to buy the things they want without asking their parents for too much help. Teach them the difference between spending and saving, and the difference between receiving interest and paying interest.
Once you believe your child is old enough to receive allowance, give them the money in small denominations so that they can set some aside to save. You can take them to a bank to open up their saving account. This will help them stay away from spending too much, and it will also give them experience in interest and banking. Children can start accounting books where they write what they spend and what they save so that they know how much money they have and what they do with their money.
Whenever you go shopping with your child, treat it as an opportunity to teach them more about money and spending it wisely. Teach them about how to spend wisely at the grocery through sales, coupons, and comparing prices. Let the children make their decisions when they buy their things so that they will learn from their actions. You can talk to them about the buy before they do it, but they will be the ones to make a choice in the end.
When an advertisement comes on TV or any other form of media, talk to your child and help them determine whether or not the advertisement is being truthful and if the product is worth the cost. Help them tell the difference between scams and honest deals. Also, teach them about spending on things through credit and loans, like how interest can raise the price of an item.
Remember that credit cards are very dangerous if not used carefully, and teach this to your child. Tell them about the costs it may entail and the interest that will raise the price of what they bought. Credit cards encourage people to spend since people pay less attention to what the total amount they are spending when they are using plastic. Remind your children that you still have to pay the credit card bills every month. Set limits on any credit cards you give older children so they don’t get themselves into a mess. If your child is able to understand all the lessons you teach them and if they can apply them to daily life, then your child has a bright financial future.
Now how does someone who is blind take all of that and apply it to being able to tell denominations of paper money in their wallet? We though it best to let someone who knows explain:
**Huge thanks to our sponsor Prairie Trail Physiotherapy for helping us continue our work!