It is also a good idea to teach children the difference between spending and investing
Dallas, TX (PRWEB) April 07, 2015
Debt Consolidation USA shared in a recently published article how parents can best explain the concept of money to their children. The article titled “5 Things To Help Children Understand The Concept Of Money” aims to guide families and households in carefully explaining to children how money and finances in general work.
The article starts off by pointing out that dealing with finances is not a walk in the park. There are a lot of people that have spent years trying to manage their budget but still end up with tons of debt under their name. There are even a lot of young consumers who are coming out of college who are facing student loans on top of their living expenses.
This scenario puts more importance in educating the young ones in the concept of money. The article shares that one way to do it is to correlate the concept of money with labor or work. This can help them appreciate the value of a dollar and not just rely on their parent’s wallets and pockets to buy the things they need.
It is also a good idea to teach children the difference between spending and investing even at a young age. It can be as simple as explaining their food choices where sweets will just give them temporary fulfillment while the healthy foods will keep them full longer and even help their body become stronger.
The article also shares that children might think that the credit cards are magical pieces of plastic that when waved can buy anything inside the store. Whenever children are around whenever a card is used to make a payment, it is a good idea to explain the concept to them. The in essence, the card just allows them to take out a temporary loan from a lender and that it needs to be repaid back immediately.
To read the full article, click this link: [http://www.debtconsolidationusa.com/creditcarddebt/5-things-to-help-children-understand-the-concept-of-money.html