What do young adults think about money nowadays? This generation has grown up thinking about money in relation to credit cards. Most parents do not use cash that often, in fact even paper checks have almost become obsolete in day to day life. Many kids have never even stood in banks lines as some of us did every week as a child. The relationship that the young generation has with money is often focused towards cash online opportunities.
Cash online is borrowed, managed, payments scheduled and sought after.
Online banking, shopping, borrowing, lending and making payments incorporated into the world of everything to do with online cash. It’s no wonder why our young generation does not have the basic understanding of bank procedures. Parents are happy to just keep up with their own personal cash needs, how do they take the time to teach their children the basics of money?
Lots of money teaching opportunities are found in day to day life activities. Grocery shopping, finding the best deal on shoes, or clipping coupons are all kid friendly opportunities. All parents have to do is talk about the process and have the children participate in the discussion. Find cash online through coupon savings. It’s not a typical loan often connected to the term, but it is a way to keep cash in your pocket. If your child receives an allowance, it is never too early to talk about saving money. If your child does not receive an allowance, it is time that they should. Children as young as 4 and 5 know that money exists. They just have to learn that money is not a small rectangular piece of plastic with flashy pictures swiped at the check-out counter.
Teach money management to children. Use their allowance or gift money to do so. You can use envelopes and a shoe box to learn to manage money. Some money goes for spending, some for savings and a portion for charity or tithing. Kids who grow up with a purpose for money have an easier time managing the big stuff later on.
In first and second grade, children will learn the value of the different denominations. It is important that your child learn to use this information in the real world. Let them pay for items at the checkout line. Have them count the money in their piggy bank before taking them to the bank with their saving’s deposits. It’s one thing to save in a piggy bank and another to actually place money in the bank.
Start your child out right and begin saving at an early age. It creates a habit, gives a purpose to earning money, teaches management and distinctively differentiates spending and saving. A child who learns to save early on will be less apt to borrow cash online advances later. A young adult that learns to pay with cash will develop the value of spending money on needs rather than wants. If the money is not in the piggy bank or in the shoe box then they don’t go shopping. Young adults will learn the difference.
A new generation of young adults will grow up prepared with knowledge of basics money management. They may never need an advance online cash loan. They may never carry long-term credit card debt. What they may have is a functioning monthly budget with an emergency savings account in the bank and little piggy banks in place for when their children begin to earn an allowance.
