One of the most important things you can teach your kids is how to manage their money as this will help them better face the challenges of adulthood.
In our world of ever advancing technology, children often don’t see physical money being exchanged. In fact, some Scandinavian countries are even doing away with physical cash altogether.
These days, money can be moved with the swipe of plastic card or a tap with your mobile phone. And, like many other things, the use of toll roads and trains are now paid for electronically.
In addition, the modern ATM may give children the impression that money does grow on trees. You just put your card in and whatever money you want comes out, without any clear connection to how hard that money was to earn.
All this can make it more difficult for your children to understand what things actually cost and how money is earned.
So what can you do about it?