What Is Important About Kids Money

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Kids money is important because it gives kids an opportunity to learn how to spend and save it equally. Hopefully, they will learn how to become responsible with it over time. When children have the chance to earn and keep their own money, they will have a jump start on managing their finances for the rest of their lives.

Earning it gives youngsters a sense of pride and a sense of accomplishment. It also helps support their feelings of self worth. As a child grows, their ability to earn grows with them.

Very young children can help with minor household chores such as tidying their room, gathering up their laundry, setting their clean clothes in their dresser drawers, or perhaps drying dishes or taking them out of the dishwasher. Weekly chores done well and rewarded with financial remuneration provide children with a sense of self-respect, responsibility and accomplishment.

They learn that they deserve appreciation for their time and services. In addition to receiving pay in exchange for doing chores or being paid for jobs such as paper routes, mowing lawns or shovelling snow, a child simultaneously learns to respect the work of others as well. They learn that everyone deserves to be paid for doing a job well.

A child can save their pay in a piggy bank in their room. They can save it in a bank account. Even a 5-year old child will feel very grown up with their very own bank account, held in their own name. It would be wise to open a savings account only for a young child, so they can watch their account grow with every deposit.

When kids have been given the chance to earn money, they will cherish their earnings and will become wiser with spending over time. They will learn to appreciate the benefits of saving and spending equally.

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