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16 Fun And Inspirational Ways To Teach Kids About Money

16 Fun And Inspirational Ways To Teach Kids About Money

Being a parent, I find kids are very clued in on what they want, and do not seem the slightest bit concerned that it will involve a monetary cost! What I find even more amusing, is that they have no problem spending our or anyone elses money, but ask them to dig into their savings and I am met with highly indignant faces! Oh yes, before they decide to spend their money, there is deep thought and analysis before a decision is made, and of course the guilt trip I am put on for even suggesting they pay for it themselves, never ceases to amaze me!

Yes, I am a parent who tries to teach my kids about money, but finding fun and inspirational ways to do so, is not always easy, especiallly when dealing with different age groups of kids.

Here are some examples of ways you can teach kids about money.

1. Calculator

Give them a calculator while out shopping, so they can key in the item value and keep you informed of costs on an ongoing basis. Comment on some items so they know what is cheap and what is expensive!

2. Allowances

If you aren’t doing it, just try giving allowances for a few weeks, different allowances for different age groups. Be clear to them that they will get no other money for anything until such a date, so they are in charge of the money they are given. Try giving different amounts starting small and see what their spending pattern is like. See if they spend it all in one go, if spend it on junk food, treats, small toys, books etc. This will give you a baseline to work with. When you have this you will know what areas you need to work with for your child. Of course young children will struggle with this so only use it for kids who understand time and can handle some level of responsibility.

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3. Shopping

Take them shopping with you and ask them to take notice of the prices of different items of the same type. For example how branding, quality, weight, discounts etc work.  Ask them why they think one is cheaper, more expensive, etc just to increase their awareness of cost. Kids get so bored out shopping so keep them involved. It is a great way to learn.

4. Challenges

Set them challenges to work individually or as a team to buy something and come back with the most money. Of couse you will also need to explain about value to them so do this after they understand the concept of shopping covered in the previous point.

5. Coin Game

Play a coin game with them where they need to work out how many small coins equals one bigger one etc. For smaller kids they may need a reminder chart which you can simply be drawn out. This way they will understand that its not just the number of coins that matters but how much each coin is valued at.

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    6. Observe transactions

    Ask them to observe you paying for something and how the transaction goes. whether it is card, cheque or cash transaction. Let them see how each transaction happens. Teach them that money is a form of exchange for a goods or service! Explain the difference to them with examples.

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    7. Banking Experience

    Take them to a bank and show them how it works. Kids love mystery and stories. Explain where the money goes, that is the money that goes back to the bank and the money that comes out from the bank.

    8. Take them to an ATM

    I find this always amuses me, as my kids think its magic that a card just gives me what ever money I ask for. I show them that this really comes from my savings or from a loan but that every time I use the card to take money out what I have left, gets lower and lower.

    9. Brainstorming

    Ask them to think of ways to save more money and get more money. No matter how whacky their ideas may seem, they are thinking it through and that is good. Write down their ideas and try to keep adding to the list. You never know if you may come across a marvelous money saving or money forming idea!

    10. Observation Field Trip

    Take them shopping or simply on a car journey through a commercial area and ask them to look around them and see different ways people are spending money, and on what they are spending, whether it’s gas at the station, taking money from an ATM, carrying packages or groceries, or whether they are doing a task where they will get a monetary payment in return.

    11. Online job chart

    Give them a jobs list at home and allocate different monetary values for different tasks. Be sure to have a value of zero for some tasks which they need to do as part of the normal contribution to the household. This also teches kids about value..

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    12. Money Bingo

    Play money bingo where they need to work out how many coins match a number on a box and who ever gets the most right wins. For this to work they will need to add up the correct number of coins and stack them on each number. Of course you will need large boxes and plenty of space.

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      13. Coin Groupings

      Gather all small coins and ask kids to separate them into the same groups. Ask them to write down how many coins are in each group.  Then involve them in trades to try to get lots of coin mixes of different coins going. The trades need to be for the same monetary value.

      14. Allocation Jars

      Give kids three jars and ask them to label and decorate them as they wish. They should be labeled Spend, Save and Give. As a parent you can either decide what amount of money they have goes into each or encourage your child to think about it and then come to an agreement with them over the distribution of the money. Discuss with them also what each jar represent and what will happen to the money in each jar. Kids love seeing things build up and love to shake the jar or take money out and re-count again. Physically seeing their money will give them a greater awareness of money and how it can be used.

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        15. Coin Rubbing and Tracing

        Do coin rubbing and tracing shapes of different coins. For notes, ask the kids to find as many differences as they can see between the notes. This will increase their power of observation!

        16. World currency

        Encourage them to collect money from around the world and to look up the value of each currency. This is great to let them know about money on a global scale. Open n online converter and show them how to do their own conversions! It will definitely make them think!

        “The easiest way to teach children the value of money is to borrow some from them” – Unknown

        Photocredits: Pinerest-Moneysavingmom, Freehomeschooldeals, Creeksidelearning.

        Featured photo credit: How To Teach Kids Money Skills, by Carissa Rogers, Flikr via flickr.com

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        Published on November 8, 2018

        How to Answer the Tough Question: What are Your Salary Requirements?

        How to Answer the Tough Question: What are Your Salary Requirements?

        After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

        But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

        Unfortunately, this is the wrong approach.

        Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

        Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

        Of course, you can’t command a high price without bringing value.

        The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

        1. Hack time to accomplish more than most

        Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

        With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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        Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

        Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

        For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

        Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

        It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

        2. Set your own boundaries

        Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

        Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

        Here are some important traits to consider:

        • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
        • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
        • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

        These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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        3. Continuously invest in yourself

        Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

        You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

        Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

        Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

        Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

        It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

        4. Document the value you bring

        Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

        To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

        A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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        Here are some ideas:

        • joesmith.com
        • joeasmith.com
        • joesmithprojects.com

        Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

        During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

        5. Hide your salary requirements

        Avoid giving you salary requirements early in the interview process.

        But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

        The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

        Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

        6. Do just enough research

        Research average salary compensation in your industry, then wing it.

        Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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        Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

        Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

        7. Get compensated by your value

        Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

        Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

        Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

        You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

        The bottom line

        You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

        You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

        Featured photo credit: LinkedIn Sales Navigator via unsplash.com

        Reference

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