Growing up is much fun, especially when you know you’ve got nothing to worry about finances. That’s what we thought then, but looking back, we know very well that we wished we saved that little change our parents do give us then when they are going out or if they want to pacify us. We can teach our kids everything we wished we knew about money so that they don’t grow to regret it just like us.
It is extremely important for parents to teach their kids valuable lessons about money and how they ought to handle it. Getting your kids to understand the need for a sound financial investment and management is essential.
However, here are some tips that could help you shape your kids ideas about money and make them financially responsible by the time they grow into adults.
Use a clear jar to save
The piggy bank is a great idea, but it doesn’t give kids any visual. When you use a clear jar, they see the money growing. Yesterday, they had a dollar bill and five dimes. Today, they have a dollar bill, five dimes and a quarter! Talk through this with them and make a big deal about it!
Set an example
Little eyes are watching you. If you’re slapping down plastic every time you go out to dinner or to the grocery store, they will eventually notice. If, at the end of every month, you and your spouse are arguing about money, they’ll notice. Set a healthy example for them, and they’ll be much more likely to follow it when they get older.
Show them that stuff costs money
You’ve got to do more than just say, “That pack of toy cars costs $5, son.” Help them grab a few dollars out of the jar, take it with them to the store, and physically hand the money to the cashier. This simple action will do more than just a five-minute lecture.
You could get them each a piggy bank and encourage them to keep their money in it, show them consistently how much they’ve got in their piggy bank and place the piggy bank where they can view it daily, this will build their enthusiasm to save more.
Make them know the importance of working to earn a good income, employ their services before you offer them allowances; make them earn their allowances doing some household chores.
This would make them quick to doing the things you want them to do with the mind of getting a tip back in return and instill in them the motivation and initiative they need to become better and bigger in life.
Getting your kids a bank account would be fine just when they graduate from being little kids to being teenagers, once they get acquainted with banking procedures, this would help them to do more savings.
“Help” them find a job. Teenagers have plenty of free time—fall break, summer break, winter break, spring break. If your teen needs money (and what teen doesn’t need money?), then help them find a job. Who knew that working was a great way to make money?
Teach them the danger of credit cards. As soon as your kid turns 18, they will get hounded by credit card salesmen—especially once they’re in college. If you haven’t taught them why debt is a bad idea, they’ll become another credit card victim.
If you must teach your children to be financially responsible, you must teach them by example, ensure that you are not the type of parent who runs into debt and make unnecessary expenses; live within your means.
These might save your kids some financial challenges in the nearest future and help them live comfortably.




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