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What Is Important About Kids Money

Kids money is important. A child will have an opportunity to learn about saving and spending equally when they have their own. Children will, hopefully, learn how to handle it responsibly over time. When they are given an opportunity to earn, youngsters will have been given a means to learn skills to manage it for life.

There is a certain sense of accomplishment and pride when a child earns it. Their feeling of self-worth is nurtured. The ability to earn grows with the child.

Room tidying, laundry gathering, putting away freshly laundered clothes, taking dishes out of the dishwasher or drying dishes are chores which can be assigned to very young children. When these chores are assigned and completed on a weekly or daily schedule, financial remuneration provides young ones with self-respect, a sense of accomplishment and responsibility.

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.

Kids money is cherished when a child has been given the opportunity to earn it and spend it wisely over the years. Equal spending and saving is learned as a gradual process which they will learn to appreciate as they grow.