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SAT Prep in Dr. Phillips, Florida

04/09/2015
Here at The Tutoring Center in Orlando. Florida, we help with adding, subtracting and dividing numbers and their percentages. Dealing with money uses all of these essential math factors. We would like to share a few tips to help you teach your child mathematical comprehension and, at the same time, the important life lesson of how to use money.

Shopping

Taking your child shopping with you on a regular basis is a great way to incorporate financial lessons into your child’s everyday life. You are most likely to hear the words, "Mommy I want...." when you stroll past the toy or candy aisle. Here is where you teach your child that money does not grow on trees. Instead of just buying the item they want, firmly tell your son or daughter that they will need to save their own money to buy it. Never say, "we can't afford it." This will only send the message that you’re not in control of your own money.

Allowance

Depending upon your financial circumstances, help your child learn more about money by giving him an allowance. To figure out what it should be, go by half your child's age; for example, $2.50 for a 5-year-old, $3.00 for a 6-year-old, $4.00 for an 8-year-old, $4.50 for a 9-year-old, and so on. An allowance should not be based upon meeting his regular chores such as feeding the dog, making his bed, or unloading the dishwasher. It is important that he knows doing chores is expected from everyone in the family. Explain to him that this is just an allowance for showing respect and being good, and that he could earn even more money by doing extra things other than his regular chores.

Learning How to Budget

Have your child separate his money into two jars, one for saving, and one for spending. The "spending" jar is for the small things such as candy or little, cheap toys. Once your child has saved up enough money in the "savings" jar to get that Play Station he wanted, take him to the store and let him pick it out and pay for it himself. He will learn confidence, pride, and budgeting while doing this.

Tutoring in Orlando, Florida

If your child needs extra help in comprehending the mathematics that go along with managing money, call The Tutoring Center for a free assessment at (407) 286-2389.

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