Setting Goals While Teaching Kids Basic Money Principles

Setting Goals While Teaching Kids Basic Money Principles

You may not have thought about teaching kids money matters in terms of goals,but it helps you to do so. Setting goals helps you and your child measure the progress.

Experts differ on what they believe to be minimum achievement for a particular age. one expert suggested that a child’s money education should start as soon as they are old enough not to eat the money. Another expert favored saving plans for preschoolers.

You of course, can set any goals you want. When your child completes an age category, test their money knowledge to make the goals you’ve set.

If your child is in elementary school age category, you want to be sure that they master certain basic money concepts:

1. Identify money. Make sure that they know the difference between a nickel and a quarter.

2. Making change. Make sure that they know how to present enough money to cover a purchase and count their change.

3. Being responsible for money. If they lose the dollar that was in their pocket, they have to know that it’s their loss (you won’t replace it). This will teach them to be more careful in carrying money.

4. Understanding that things cost the candy they eye at the supermarket checkout counter to the premium movie channels on TV, they must know that nothing comes free.

5. Handling an allowance. Make sure that they learn to live with the allowance they are given to meet any expectations for it that you might set. For example, this may include a modest savings plans to pay for things they want.

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If your child has mastered the goals for their age category, don’t be shy about tackling tougher money concepts. You would be surprised at how delighted they will be that you think they are capable of learning more.