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How do international remittances, or cross-border money transfers, help promote financial inclusion? Improve your financial literacy by learning about budgeting and saving, personal finance.    

Learn how to send money using Ria Money Transfer, new services we offer, our omnichannel services, tips for sending money and the expansion of our network.    

Learn how international migration trends affect remittances and the impact remittances have on the individuals and communities around the world who receive them.     

Videos that feature Ria customers explaining in their own words how their experience of migration has impacted themselves, their families and their communities.     

Learn about different cultures around the world, how people celebrate, what it is like to live abroad and great travel destinations.     

What's new in cross-border payments, tech and finance? Learn about new payments methods like mobile wallets, the importance of the omnichannel experience and workplace trends.

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<p>Summer is almost over, and families everywhere are navigating what school is going to look like for their kids this fall. Whether they’re going back to the classroom or learning from home, many parents are becoming teachers in addition to their normal parenting duties.</p>



<p>If you’re providing for your family abroad, you may not get to be a part of the day-to-day curriculum or homework sessions. But you have the unique opportunity to teach one of the most important lessons of all: financial wellness and responsibility. Especially if you’re <a href="https://www.riamoneytransfer.com/en/blog/send-receive-money-ria-money-transfer" target="_blank" rel="noreferrer noopener">sending money</a> to help your family prepare for the school year!</p>



<p>As the global economy absorbs the <a href="https://www.riamoneytransfer.com/en/blog/resources-tips-covid-19-crisis" target="_blank" rel="noreferrer noopener">impact of COVID-19</a>, understanding how to make smart financial choices is more important than ever – especially for the generation that’s going to inherit it. After all, most of us don’t remember the elements of the periodic table, but we can help kids understand some basic money lessons like how to save, budget, and prepare for the future.</p>



<h2 class="wp-block-heading">4 important financial lessons to teach to your kids<strong></strong></h2>



<p>If you’re sending money to your family across the world, here are some simple ideas to help kids understand the basics &#8212; along with finishing up some of their back-to-learning needs.</p>



<h3 class="wp-block-heading">1. <strong>If you’re paying for school supplies, help your kids learn how to budget</strong></h3>



<p>No matter how much you can send, you can teach your kids how to plan for costs and budget accordingly. For example, if they want to spend all their money on a backpack, ask them how they will afford pens, pencils, and paper. If you have older kids, you can make the budgeting more complex. By taking the time to calculate costs and make smart purchases, you can help them understand that money isn’t infinite.</p>



<h3 class="wp-block-heading"><strong>2. Help them understand financial priorities, the difference between wants and needs</strong></h3>



<p>Learning the difference between wants and needs can be a lifelong journey. By helping younger kids understand that food, shelter, health, and other basic necessities should always come first when it comes to financial priorities, you can set them up for success as early as possible. It can be as simple as calling and asking, “What do you want to spend money on for school, and what should you spend money on?”</p>



<h3 class="wp-block-heading">3. <strong>Teach them how to set aside and save money if you have the means</strong></h3>



<p>If you’re in a position where you can send a little extra for your kids to save, try to. The act of setting aside money instead of spending it is easier said than done. Teaching children how to do this early can help them develop habits that allow them to save for big purchases or emergencies in the future.</p>



<h3 class="wp-block-heading">4. <strong>Most importantly, show how grateful you are for what you have</strong></h3>



<p>Financial situations can change in an instant. Make sure to talk about what’s most important with those you love. This can have a lasting impact on your kids’ worldview and happiness, especially in times when money is tight.</p>



<p>If you’re teaching your kids how to save, budget, and understand money from abroad, we would love to learn how you do it – feel free to comment below or on social media. And if you’re ready to send money now, the <a href="https://www.riamoneytransfer.com/en/blog/ria-money-transfer-app" target="_blank" rel="noreferrer noopener">Ria Money Transfer app</a> is available in the US, Canada, and in select countries in Europe – <strong><a href="https://riamoneytransfer.app.link/ba6MvUjpXib">download it today</a>!</strong></p>


father and son back to school teaching kids about money

Teaching Kids About Money: What They Can Learn from Your Money Transfers

About the author

Madeline I. Carcamo

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