The General Store doesn't just let parents reward their kids for completed chores, good behaviour and displays of independence; it also helps them gently teach kids to manage their finances wisely and, above all, to save! With the savings booklet included with our motivation system, kids can save up the tokens they've collected to treat themselves to a bigger reward after a while. They learn to wait for what they want and to make more thoughtful choices, which encourages a more responsible attitude toward spending. Looking for other concrete ways to introduce your little ones to the value of money? Here are a few:
Open a bank account
From the age of nine or ten, it can be worthwhile to open a bank account for your child, so they can not only deposit their allowance, but also learn right away how to use a debit card, withdraw money from an ATM and manage the budget available in their account effectively.
Use a clear piggy bank
If your kids earn an allowance every week, putting the coins they receive into a clear piggy bank will let them see the money pile up week after week and realize how much they've saved. In the same way, kids will be able to easily see the money “disappear” as they spend it.
Learn to manage a budget
Why not use the summer holidays or spring break to introduce your kids to managing a budget? With the help of the tools in this printable, you can ask them to come up with the family project that will be carried out during the holidays themselves, based on a budget you've set in advance.
Lead by example
Of course, when it comes to education, the best way to teach our kids something is to practise what we preach! If you haven't already, make sure you build a healthy relationship with money and avoid impulse buys as much as possible. Don't hesitate to think out loud in front of your kids about your purchases, taking care to explain concretely the difference between your real needs and your simple wants.
For more printables to help you manage your personal or family finances effectively, head here!
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