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How Parents Effectively Teach Kids About Money by Talk or Tool?

How Parents Teach Kids About Money

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Sep 27, 2020 Filed to: Parenting Tips Proven solutions

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Money is an essential source for a living. The innocent minds have no idea about this factor until they realize the price of their favourite toys at the store. Do you have any strategies involved in teaching kids about money? You have to talk to your kid as a friend rather than a financial consultant when you deal with the money factor. It is a sensitive topic but still, it is a crucial term, which requires attention at an early stage. Money plays a vital role in satisfying the basic needs of an individual life. As parents, you must define a better perspective on the money factor, which lasts forever in the life journey of your child.

Teach Kids about Money

Why parents should teach kids about money?

There is a need for teaching kids about money as early as possible. The child must realize the worth of money, which would ultimately redefine their spending behaviour.

The following reasons support the need to teach kids about money

  • When the kids learn about the value of money then they will start to handle the money with utmost care and caution
  • They will try to control the impulse buying habits
  • Quickly learn the importance of saving money
  • They will start to realize the importance of jobs, which serves as a channel to earn money. It will ultimately drive them to focus on their studies to grab the right job in future.
  • They will learn about the importance of giving and helping the needs around

Why parents need to teach kids about money

3 useful normal ways for parents to teach kids about money

Simple strategies adopted in teaching kids about money

    1. Create a Bank account:

You can create a simple bank account in their name and help them to learn how to deal with money and its related activities. This would give them a real-time experience and make them feel excited while dealing with a valuable source.

    1. Budget for the family

It is high time to teach your kid about the family budget. Ask your kid to write down the expenses and savings of your family for every month. If you give them a responsibility then they will learn about the money factors automatically. You can expect progressive changes in their spending behaviour gradually.

    1. Loan and investments

As parents, you should provide them with knowledge related to loans and investments. You can suggest the teens apply for college loans and utilize the resource related to government schemes. If you make your kid or teen realize the importance of investments in early-stage then it would greatly help them to work with money effectively during the forthcoming years.

3 useful apps for parents to teach kids about money

There are many apps for parents to teach kids about the importance of money. If you take a closer look at the digital market, you will end up with lots of apps and programs inculcating better money management skills amidst the kids and teens.

    1. Piggy Goals:

It is a great app to teach your kids related to money management. It is a free tool and it is available for the download in the App store. This app allows your kid to enter a purchase goal along with the cost related to it. It can be anything like ‘want to buy a bike or bicycle’ any sort of wish list. This app will help your kid to save money to achieve the purchase goal as soon as possible.

Your kid must enter details regarding their savings like weekly pocket money, gift money on occasions etc in this app. The app calculates the available money with the cost of the purchase goal and finally displays the need for the extra money to reach the goal. This kind of app will assist your kid to save their pocket money wisely.

Piggy Goals

    1. Saving Spree

This app allows your kid to make financial decisions. It will teach your child how to divide the money between savings, spending, investments etc. This app will assist your kid to reach short-term goals and enlighten them about the importance of effective financial decisions. When they make use of this app, they will realize the significance of the right decisions brings laurels to their savings.

Saving Spree

    1. Piggy

This app provides financial independence for your kid. This product targets the age groups between 8-18 years. It came into existence in the year 2016. The basic concept behind this app is that there is a pre-paid debit card for your child to satisfy their regular needs. The parents should top up this card and track the spending of your child in a remote way. The parents can set up a saving goal in the app and prevent excess spending. This app provides a platform for the kids to make a decision on their spending and manage the money in an optimum manner.

Piggy

How do FamiSafe help parents teach kids about money?

Parenting has become easier with the advent of the sophisticated program like FamiSafe parental control app. This app teaches the kids the importance of money and helps the parents to take respective measures of their kids if they move towards expensive things. The FamiSafe app triggers timely action and makes the kids realize the dangers associated with the looting apps in the digital market. Install this app and explore its outstanding features and get benefitted in no time.

FamiSafe Parental Control

The overwhelming features of FamiSafe

  • Ease identification of controls and enable the features with the connected gadgets quickly
  • Detect inappropriate content entering into the kid’s gadget
  • You can view the live location of your kid anytime
  • It has clear controls with appropriate titles revealing its functionalities accordingly.
  • You can Protect the kid from adult content, which are flooded in the cyber world.
  • Web Filtering
  • Location Tracking & Geo-fencing
  • App Blocker & App Activity Report
  • Screen Time Limit & Schedule
  • Explicit Content & Suspicious Photos Detection

App block & Usage

There are many apps in the digital market, which charges the users to explore some of its inbuilt features. When you find such apps installed in your kid’s gadget, then immediately block the app without any second thought using FamiSafe parental control app. This feature will help you to prevent your kid from paying the looting apps. Immediate blocking action on those apps will save your child and help them to realize the importance of money.

The FamiSafe parental control program senses the app usage regularly and notifies you to take control measures on time. When the time limit of the app usage exceeds more than half an hour, then limit the usage by setting a time limit for that particular app. You can create a temporary lock on the apps, which you find your kid is addictive to it.

App Blocker

Activity Report

The FamiSafe parental control app registers the daily gadget activities of your kid. It drafts a report comprising of the details related to time spent on each app, websites etc. All this information assist you to take timely measures to avoid unnecessary issues in future. Enable this option and request for the reports to find out the mischievous activity of your child.

FamiSafe Activity Report

Browser History & Web Filter

The ‘Browser History’ feature senses whether your kid is in search of any expensive things. This report displays the details related to the website visited along with the time value. When you come to know about the search factor of your child then you can guide her/him accordingly in the right path. The proactive measures are feasible when you are aware of the expensive needs of your child.

Enable the ‘Web Filter’ option if you want to ensure safety content reaching your kid’s gadget. You can get rid of inappropriate websites knocking the screens of your kid’s smartphone with the help of this filter option. It is enough if you turn on the toggle switch to prevent the entry of harmful websites. Take the respective steps before the dreadful monsters step into the gadgets of innocent souls.

FamiSafe Web Filter

Therefore, in this article, you had a better understanding of teaching kids about money. Educate your child regarding the value of money and give them a proper perspective on healthy spending habits. The associated apps teach the kid about the importance of saving and reaching towards their purchase goal. The FamiSafe parental control app helps the parents to prevent their kids from accessing allure apps, which demands money to explore its built-in features. It greatly assists the parents to learn about their spending habits on the expensive things beforehand. The FamiSafe parental control app is the perfect tool to take proactive actions and most professionals recommend it for the digital parents to monitor their kid’s gadget activities remotely in a precise way.

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Thomas Jones

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