If you're using GoHenry's Money Missions to teach your kids about money, kudos to you. Because teaching your kids about money today can lead to a lifetime of financial well-being.
But how you will know when the lessons are sinking in and your child is grasping important money and financial concepts? Here are some of the signs.
They'll ask more questions about money
Kids are naturally curious, and when they start learning about something, they want to learn more. Chances are once they've started to grasp the basics of money, they'll ask more questions about it.
For example, if you tell them it costs $10 to go to the movies, they'll start asking you how much other activities cost. Or, if you tell them a box of cereal costs $3.50, they'll quiz you about the prices of other items. This curiosity shows they're gaining an understanding of how money is used and want to explore the concept more.
They'll look for ways to save money when shopping
Your kids have probably watched you compare prices at stores before, so they might already have a vague understanding about spending wisely when shopping. But when they start to fully grasp that money is valuable, they'll also start looking for ways to conserve it.
For example, if your child automatically gravitates toward the sales rack in a store, looking for a lower-priced grocery item, or your older kids comparison-shop online, then they clearly understand it's good to pay less for something whenever possible.
They'll realize the power of savings
Everybody knows they need to save money. But for some reason, it's one of the hardest things for people to do.
You've probably stressed the importance of saving to your children, and they've learned about it in Money Missions as well. You might have even used the app to set savings goals for your children. But when they start saving on their own—that's when you know they understand the value of saving money. And when they start asking about investing, you can give yourself a well-deserved parental pat on the back.
They're careful with spending money you give them
Let's say you give your child $10 to buy snacks on a field trip. If they come back with change, the money lessons have definitely hit home. Again, they see the value in saving and not spending everything they have. Also, if you see your kids putting serious thought into spending choices, you're definitely doing a good job in the financial literacy department.
They'll want to give money to help others
Children are naturally giving and caring. From a very young age, most children thrive on being helpers. When your child asks to give money to a charity or cause, they are showing you they understand the value of money and how it can help others less fortunate than themselves. This is a perfect opportunity to have them experience the joy of philanthropy, which can lead to a lifetime of generosity and giving.
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