Teaching children the value of money and what it means to save and spend can make a great impact on their lives, which is why self-service coin counters are a valuable learning tool that grocery stores can provide. These products can turn loose change saved in the piggy bank into real cash. Their quick speed will amaze children and show just how quickly those coins add up to something valuable. By converting the coins into dollar bills, they start to see that saving money has a distinct incentive.
Teaching children about the value of money and what to do with it can be difficult at times. Communities, including grocers, want to do all they can to make sure that children are learning the right financial lessons as they grow up. However, the idea of money is so inherently complex, that it's easy to trip up on a few things. This was something that Forbes contributor Jordan Shapiro discussed with financial columnist Ron Lieber. He also said that one of the things that makes money so hard to contend with is that it has far more emotional than rational value. Because of that, it's important to consider discussing openly why saving for certain things matters, while spending for others is just as important.
A key point that Lieber makes in the Forbes interview is that control has a lot to do with how money is handled. One way of dealing with this is actually giving children more control over what they get. This is not done by accepting every "I want" demand, though. Instead, they should be given an allowance so that they can spend on what they please, on the condition that they can't ask for anything except on holidays and birthdays. That usually helps them learn to value the money they receive quickly.
In addition, having a money jar can be a useful way of teaching kids to save. As lifestyle blog Frugal Beautiful notes, saving money in a mason jar or the like can save a lot of money over time. Even holding on to pennies can add up to hundreds of dollars if given enough time. More importantly, though, it gives kids a visual understanding of how money works. When those pennies are then sent through a self-service coin counter, it turns into something real.
March 6, 2015