Here are the best ways to teach kids about managing money
SHREVEPORT, La. (KSLA) — Saving money during a pandemic can be hard for many families without a job.
And it can be even worse when kids start asking for spending money, especially during the summer months.
If kids keep asking for spending money or an allowance while at home more, now might be the perfect time to teach them a lesson on managing finances.
There’s no better way to start than by showing them the value of a hard-earned dollar.
Money experts have released some of the best ways to educate your kids on finances.
One way would be through chores. Put a price on each chore or set of chores depending on their age range. This can be things like mowing the lawn, washing the dishes, taking out the trash, or folding laundry.
A lot of people have turned to prepaid debit cards and apps to track completed chores and allowance money.
One popular app has been the Greenlight Debit Card. It can give parents a way to label chores on an app, show how much each chore is worth, when they have been completed and parents can add money to a prepaid debit card for kids to use when they’re out an about.
It does come with a $4.99 monthly fee but there's no fees when kids use it at different stores.
Experts also said teaching kids now to save, especially during a pandemic, can form a lifelong habit.
Teachers only touch lightly on managing money in school, so most kids learn how to manage finances while at home.
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