It’s important for parents to make sure they speak with their kids about the fundamentals of finances. While many traditional schools tend to focus on core subjects such as math, science, English, social studies, and foreign languages, they may not be  teaching the concepts of financial literacy. Therefore, this is something that parents may need to address with kids on their own. Unfortunately, a lot of parents are not comfortable discussing money with their kids, often viewing it as a “taboo” topic. However, it’s important for kids to learn about money at a young age so they can be prepared to manage their own finances as they face the future. When it comes to financial literacy for kids, there are a few key points to keep in mind.

Discuss how people earn money

The first step when it comes to talking to kids about finances is to teach them that money comes from hard work. Too often, many kids think that money simply comes from a piece of plastic with their parent’s name on it that they swipe at the store. By teaching kids that money can only be earned through hard work, parents can eliminate any sense of entitlement that their kids might have.

Parents should talk to their kids about their own careers, what made them choose that career path, and what kinds of tasks they perform at their jobs. It’s also helpful for parents to encourage their kids to think about what they might want to do when they get older. Furthermore, it’s wise to give kids an allowance for doing household chores as a means of teaching them the value of hard work and earning money.

Teach kids about budgeting

Oftentimes when kids receive money, the first thing they think about is what they can buy with it. Before kids jump into spending that money, it’s important for parents to talk to their kids about budgeting. While spending some money is okay, it’s vital that children learn the concept of budgeting. Otherwise, kids may grow up thinking that all of their money is meant to be spent immediately.

When kids start earning an allowance, it’s a good time to talk with them about deciding how much money they should spend and how much they should save. That way, kids can learn how to budget appropriately both for the present and in the future.

Talk to kids about giving back

It’s also important for parents to encourage their kids to donate money to charity, if possible. Giving back is important when it comes to raising well-rounded children. However, it might take younger kids some time to understand the importance of donating to charitable organizations. You can start by volunteering with kids at places like Goodwill or local food banks. This is a good way for children to see that these types of organizations can’t operate without charitable donations.

Teach kids learn about credit cards, checking accounts, and savings accounts

Financial literacy means understanding the different types of financial tools at our disposal, in addition to cash. Therefore, it’s important to talk with kids about opening a bank account and why this is important. Older kids might be able to understand the concept of interest as well. As kids grow up, parents also need to talk to kids about how credit cards work. While credit cards may seem great on the surface because of the convenience and rewards they provide, they also make it possible for people to spend more money than they should. Parents need to make sure they review these financial tools with their kids to make sure they manage their money well in the future.

Review investments and taxes with children

Finally, parents also need to talk to their children about taxes and investments. Investing is a great way for kids to use their money to save for retirement, college, or a home. On the other hand, parents also need to talk to their kids about taxes, where they come from, and why they exist. Parents can also talk with older kids about how they can use investments to shield their assets from being taxed. Some parents might even teach their older kids how to do their own taxes. These topics are critical when it comes to financial literacy.

Trust the team from young scholars academy in Colorado!

These are some of the most important tips a parent can follow as we aim to teach our kids about financial literacy. Make sure that you provide your children with the strong foundation they need to set themselves up for success, both in and out of the classroom. At the Young Scholars Academy in Colorado, we focus on childhood education, providing your kids with the practical skills they need to succeed. Contact us today to learn more about how we can set your kids up for success!

We all know that house chores or chores of any kind  can be a bore for kids! Teaching kids about chores, or even getting them to do simple ones, can be challenging for parents. It takes a lot of effort, may lead to disagreements, and it may even involve bribery! If we don’t get them moving in order to get a couple of things done, we get agitated, which can lead to frustrating and unnecessary arguments.

The goal here is to help children understand why they have to do chores, and how it will benefit them as they get older. Here are seven tips for how you can get your child to do chores in your home.

Give kids a clear idea about the purpose of chores

When we ask our kids to do something, the first thing they often ask is “Why?” – which is why it’s so important for children to understand what we are asking them to do and also why. For example, you may ask your kids to make their beds and tidy up their rooms. Kids may want to know what they are getting in exchange, or how it’s going to benefit them. Explain how tidying up their rooms or making their beds will make the place a more pleasant area in which to hangout and play during the day. Giving them a sense of cause and effect will help kids be more accepting of your expectations, and positive the next time they are asked to do chores.

Create a fun schedule and to-do list for your kids

This technique is very effective because it is visual. Kids can see what they are supposed to do when they are supposed to do it. What makes it even more fun for them is the feeling of accomplishment that comes from completing each chore. You can print or cut out something like their favorite cartoon character to serve as an item checker to use whenever they have to check off a task. Make a list of daily chores that need to be completed during school days, and a separate one for weekends.

Do away with using chores as a form of punishment

Chores are already a drag in kids’ minds. This is made even worse if you use chores as a punishment in your home. This is not productive. Chores will be more fun and enjoyable when they are presented as something that will benefit them (and others). Therefore, never use chores as a form of punishment for misbehavior, or as a consequence if they failed to study for their quiz or if they didn’t finish their dinner.

Go big when it comes to a reward system

One huge motivation, especially for school-aged kids, is a reward system. They get excited and tend to be more inclined to get tasks done when they know they will be rewarded. However, rewards do not always have to be in the form of material things. A reward can be as simple as a treat from their favorite ice cream shop or an extended 30 minutes of play time.

Play the “Big Kid” card

A little change in a kid’s chores list from making their beds, to emptying the dishwasher, may make them wonder “Why?” again. That’s when you pull out the “Big Kid” card. In a way, they will feel like a grown-up by doing grown-up things. Establishing a routine can also be a great way to instill a sense of responsibility and accountability. For instance, if children forget or miss a chore like setting the dinner table, family dinner time will start a little late, and everybody will be hungry. They will begin to understand why these so-called chores are actually essential in  their day-to-day life.

Learning about chores is an important part of growing up. It helps with instilling a sense of responsibility and accountability in children from a young age. Completing chores also provides a form of training as kids get older and learn the skills needed in order to take care of themselves in the long run and become more independent.

For more tips on good and effective parenting, you can check out our website at https://youngscholarsacademycolorado.com/.