No matter what age your child is, it’s important for them to learn the value and the responsibility that comes with having money. Whether this means saving for something they want, or learning how to shop for bargains and learn commitment, teaching your child while they’re young can save them money and teach them skills in the long run. Orlando private schools encourage you to teach your child the value of money, something that will help them throughout their child and further into their adulthood.
Jobs during the summer can be a great way for your older child to understand the value of working hard for their money. This can vary from hosting a lemonade stand with your youngest, to a 16-year-old’s first job at a grocery store. It’s important that your child finish the summer understanding the importance of commitment and trying their best. Guide them along by praising them when they get a customer, or a promotion. It will help them development great work ethic along the way.
Being a parent is a full-time job, and we understand that you may be balancing a second full-time job on top of that. A good way to keep your house tidy while you’re at work, and also a great way to teach your child responsibility is by setting chores around the house that they can complete during the week and on the weekends. Incentivising them with an allowance anytime they feed the dog, or mow the lawn, will ensure they keep up the good work and this will also help you out along the way.
Open a Savings Account
Encouraging healthy spending habits is great for kids who are just starting out with money. Opening up a savings account if they’re old enough, or even getting a piggy bank for the little ones will help them better account for their money. Don’t let me them spend this money until it’s for something they really, truly want. This can range from the stuffed animal they’ve wanted for months, or a concert they want to attend with their friends. Milestones like this will help your child understand the difference between saving for what they want, and blowing all their money on an impulse buy.
The Orlando private school, Lake Forrest Prep, encourages parents to help their child learn the ins and outs of budgeting money and learning and maintaining great work ethic. There are many ways to instill this within your child from lemonade stands to working at grocery stores. It’s important for your child to take this into the real world, and to understand the importance of saving money and working hard for what you want. If you want to learn more about Lake Forrest Prep or get more tips, read our blog or contact us to schedule a visit!