"Money doesn't grow on trees" is unfortunately something we all know.
This is something kids learn to grasp about money as they are growing up. Another thing that kids need to know is that money doesn't come from an ATM either.
It is not as easy as just punching in a few numbers and you automatically have money. You need to work for that money and be just as careful with that money as all your other accounts.
But what do kids see today?
They don't see us sitting down anymore at the dining room table paying our bills. With so many things now paid online and automatically they don't see us paying bills. Kids don't see or understand the concept of money and expenses.
Make sure that your kids know that an ATM doesn't just make money appear. You want to explain how your money gets to the ATM and how hard you work for it. It is important kids learn to understand the importance of working to earn money.
The earlier money lessons are learned, the better, when it comes to teaching children about money and personal financial responsibilities.
The benefits are both short and long term. Your children may develop strong saving habits and learn how to make smart purchases. It is natural for our children to assume that money is readily available whenever it is needed. Our kids can benefit from learning why they cannot always have everything that they want.
By teaching the value of saving for the future, you can help your children plan for financial security and avoid potential debt accumulation. We need to show our kids that money doesn't grow on trees or magically come out of an ATM.