Parenting Guides: Teach Your Child the Value of a Dollar
Parenting today’s youth can be a challenging task. An especially challenging task is developing ways to teach your child the value of a dollar. What we, as parents, teach our children about money lays the foundation for their financial success. It is extremely important that you start to teach your child the value of a dollar at a very young age. In this article, we will review some very common, yet overlooked, ways to teach your child the value of a dollar.
The first step that you can take to teach your child the value of a dollar is to instill in them a sense of appreciation for the small things in life. It has been found that children with a lack of appreciation for small things have grown into adults that have financial issues. Many of these types of children have experienced credit issues, budgeting problems, and even bankruptcy as adults. If you teach your children to be appreciative of small things, they will learn to value things on a higher level. They will not come to expect immediate results and the best in everything. This mentality will help them to adjust to living below their means later in the future. This is one of the most important steps when you want to teach your child the value of a dollar.
If you give your children an allowance, this will help to teach your child the value of a dollar. You could start implementing the concept of savings with your child. You could inform your child that it is important to save their allowance, and if they want to spend any of it, a portion should remain saved. This is an important step when you wish to teach your child the value of a dollar. This is because your child will learn that it is better to make money, save it, and reward themselves by being able to make a purchase that they wish. If more parents had integrated this lesson with their children, fewer adults would have issues with their credit and more would have never filed bankruptcy.
One other way that you can teach your child the value of the dollar is by teaching them that it is ok to go “used” in some cases. Buying from thrift stores, yard sales, and flea markets are a great way to save money. Many items that can be obtained in these types of places are almost as good as new, and there is often a large variety of products to choose from. This will teach your child that they can stretch a dollar if they shop at the right places, at the right times.
Last, but certainly not least, if you want to teach your child the value of a dollar, you should understand the value of a dollar as well. Children will learn by example. If they see that you respect the value of a dollar, they will also respect the value of a dollar.