Many Singaporeans are affluent because they know the value of money. Indeed, money is important in this world. Without it, you will not survive. It is good to teach young Singaporeans the value of money so when they grow up, they will surely understand the importance of money and they will know how to handle it.
As a parent, you are responsible to teach your kid the value of money because schools do not teach this to kids. There are many things that you can do to help your kids realize the value of money.
- Delayed Gratification: Adults understand this but kids can also be taught about this. You have to teach your kids the value of patience. You should tell your kids that if they want something, they have to work hard for it and wait for it.
- Use Jars: You should set aside jars so your kids can save simultaneously. If you want, you can consider piggy banks. You also need to explain that there are things that will take longer to save but at the end of the day, they will surely get it.
- Offer Rewards: The classical conditioning system is effective. You have to offer rewards when your kids start saving money. The reward will serve as a credit. They will draw inspiration from this. For example, you can tell your kids to dine at their favourite restaurant for a job well done.
- Set a Good Example: Your kids need to see that you are the best example. You have to set a good example so they will follow your lead. You should also save and consider delayed gratification. Your kids will surely understand if you are showing them.
Your kids will surely learn how to handle and utilize their financial skills when the time comes. You have to be there and continuously encourage them.
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