Are you letting your kids play with money? If not, I challenge you to start!
Playing with and experiencing money will benefit your kids so much in the long run!
At a young age, money is a fun way to learn basic math skills like counting, adding and subtracting. Having a bag of pennies and a piggy-bank to drop them into is a lot of fun for a toddler! A two-year old can count out pennies, and an older child can add ups the value of dimes, nickels and pennies, then subtract the value of money they spend.
Paying your kids for work that they do teaches them the value of their effort and helps them develop a strong work ethic. Make sure you pay them well for a job well-done. If they slack off, let their payment reflect that.
Using the money your child earns allows her to experience the emotional side of managing money. We all know money involves emotions. Allow your child to make decisions with their money; take age-appropriate risks, and realize the rewards of being a good steward. Have her plan, tithe, save and spend. When it comes time to shop, give her some freedom. She may insist on spending money on a toy you know won't last, or isn't worth the investment. Give her your input, but let her make the choice on her own and learn from the consequences, whether they be good of bad.
Are you up for the challenge? Let your kids play with money! They’ll be light years ahead of their peers when they enter the real world... They’ll have that competitive edge we talk about so much at TRADEway!