Like you, we want your kids to learn the value of money management. This is where the chores app for kids steps in to assist you in passing responsibility to your kids.
In this guide, we’re going to release some key tips for new parents to kickstart the journey of financial literacy early. Read on to get a deeper insight into the concept.
1. Differentiate between needs and wants
Start with simple concepts. Enlighten your kids about the thin line that differentiates needs from wants. It’s common for parents to cover the bill for all the teenager’s needs. This obstructs the child from differentiating needs from wants. So, the best way to separate wants and needs is to ask the teenagers to pay for or contribute to their needs, such as:
- Cell phone
- Food/drink outside
- Car Insurance
This way, you’ll notice that your teenager has started to prioritize the needs, and wants have taken a back seat. Isn’t it the right direction for financial success?
2. They should earn the allowance
Despite the age group, every kid needs to be aware of the fact that money isn’t an infinite resource. The best way to make them understand is to make them earn money as you do. If you’ve been providing a weekly allowance, do it. But make sure you aren’t giving it for free.
Use the best chore app for kids to assign them recurring household chores. Release the allowance on the completion of the task. The amount that they’ve earned through working will be spent carefully. They’ll think twice before wasting money on unnecessary things.
3. Introduce them to the banking system
The piggy bank has become outdated, and its use should be restricted for kids aged 0-3 years. The moment they step into elementary school, make it a point to open a bank account for them. It’s the best way of putting them into a habit of gradually building up the account balance. Make your kids earn money using the chore app for kids and then transfer the allowances to their bank account. They can buy whatever they need with the card. Soon, the realization of a rapidly declining account balance will creep into your child. And that’ll be a lesson worth it.
4. Make it fun
Why learning finances has to be boring? In this digitally advanced age, making anything and everything fun is possible. Currently, the best chore tracker for autistic kids is available to offer a unique approach to handling special kids. Kids can work and earn money through a chore app, which can further be used for expenditure.
Is your kid hell-bent on buying the latest video game? Well, divide the amount required to buy the game and spread it across different chores that need to be completed in a month. It’ll yield quite impactful results in the long run.
5. Encourage your child to get a summer job
Summer jobs are as important in a child’s life as academics & extracurricular activities. Through a part-time summer job, your child can get their first-ever experience of the real world. The summer job will educate them about income taxes, money management, earnings, and bank accounts.
Additionally, the job could also help in repaying student loans or can be saved for higher pursuing higher education in the future. Partial employment can also inculcate some important life skills into your child, such as responsibility, problem-solving, time management, discipline, critical thinking, and conflict resolution.
6. Encourage them to save
The stepping stone to financial success is saving. So, right from an early age, you should instill the habit of saving into your child. Not only does it keeps overspending under check, but it also makes your child grow up into an organized and responsible individual. Chores apps for kids allow your kid to draft a saving goal, be it for a gaming set, skating shoes, or a super cool toy car.
To add a fun element, you can add a sense of competition between the siblings. It’ll be yet another motivating factor for them to save up huge amounts and cut down spending. The accumulated amount at the end will be an example of the power of compounding.
As a responsible parent, we bet you want your kids to be responsible, successful young people and the best way to do that is to give them something they’re attracted to, i.e., apps. Through the chore app, not only will they understand the value of hard-earned money, but they will also learn to do household chores effectively and manage their time.
EarnIt is a leading chore tracker for autistic kids and other kids alike. We provide you with a single platform where you can manage everything. It involves assigning tasks, approving tasks, releasing allowances, tracking their live location or geolocation, locking any app from the child’s device when a chore is past due, etc. Set deadlines or reminders, modify the chore, and receive a notification when a task is done. Isn’t it amazing? If you’ve got further questions, contact us here: https://www.myearnitapp.com/contact.html