Do you wish to teach your kids about money? Well, you should!! Imbibing knowledge about money will help them to build an independent life for themselves.
Many of us have faced a lot of problems with money when we were younger.
The plus point of teaching children about money is that they will succeed. With other habits, teach them some money habits as well.
You have no idea how this is going to help your kid succeed on a financial basis. First, you should give your kid a good example by taking care of finances properly and make sure that money isn’t considered a taboo in your house. Then allow them to take financial decisions on their own. Don’t forget to encourage them when they slip on their way!!
It is good when kids are completely prepared to know their needs & maintain a healthy relationship with money.
Also Read: 32 Ways To Save Your Money
Protect Your Children Financially
Why is it necessary? Today, your kids are living a stress-free life as they don’t have to care about anything as you are there to make money. What if tomorrow you won’t be there around them? Along with your absence, they will also have a widowed parent. Your debts are just gradually going to make them restless. Here, life insurance will be a real savior of your family. When you leave behind a death benefit for your kid, you are being an example for your kid by protecting them financially.
Don’t “Check Out” Financially
The main priority as a parent is to set a financial goal with your spouse so that both of you are on the same track & working out things together.
If you fail to know your family’s financial goals then that is going to create some serious problems. High time! Have a meeting with your wife/husband & create responsibility for the finances.
May be your spouse will be better at “handling bills,” but that is not an excuse for you to be not aware of your on-going financial situation.
At least, you should know what your current balance is & also the inflow & outflow on a monthly basis.
Also Read: Save Money While Online Grocery Shopping
Let Your Kids Know The Importance Of Giving
It isn’t that easy to give but it is not that difficult to teach how to give. In simpler words let your children see you giving. Include them while preparing a weekly church offering. Ask them to put it in the church’s offering plate.
When you donate online to any charity cause, call them near to the computer & explain to them what and why you are doing. Plus, let them know what the funds are going to do.
When you tend to give, your children will watch it & will be gradually motivated to lead a life full of giving.
Love Your Children
Embrace your kids. Let them know how much you love them. Shower them with your love by spending quality time, playing, teaching good things, and wrestling with them.
Also show your kids that you love your husband/wife by hugging your spouse & treating them with utmost honor as well as respect.
Kids who acquire love from their parents will have a big opportunity to succeed financially in life irrespective of their current financial situation.
Also Read: Simple Tips To Save Money On Food
12 Learning Opportunities For Kids
If you will be able to give money lessons out of daily situations, you will be successful to build some good money habits in your kids.
Here is a list of life’s daily opportunities you can utilize to teach your kids more about money. Practice the following suggestions:
- Use presents to encourage them about positive money habits
- Teach your children to respect their own stuff
- Do not tie grades basic chores to allowance
- Discuss commercial & other ads with them
- Let them enlist their choices while shopping
- Open real savings account for them
- Push them for charities
- Explain them wants v/s needs
- Show them how you pay your bills
- Have a discussion on counters
- Never give them “I can’t afford” excuse
- Take them to your office
The motive is teaching them how to fish before they grow up. Our kids should learn to earn money, handle it wisely & give accordingly.
As a parent, you cannot expect someone else to take the liability of teaching the money habits to your kids.
You should make it your priority. If you do, it will surely end up being a greatest legacy that you leave behind for your children.