The successful individuals in this world become successful due to their knowledge, skills and of course, they know how to handle their money well. As a parent, it is your duty to teach your kids about money at their early age. Giving them the idea of how hard money can be obtained and ways on how to be practical in terms of using it will surely help them in the future.
Do you know where to start? No? Well, here are the tips for you:
1. Get them involved - if you have are already at the age of 2 to 6, you should get them involved in the family finances. You must try talking about their financial independence and responsibilities as a part of their daily life. Usually, this happens in the most ordinary ways.You must learn to say “no” whenever your kids are randomly asking you about dining and gaming outside. Let them understand that it costs you a lot and that you should save money first before pursuing that.
2. Mistakes will teach them - you can give your kids money as “reward” for the good deeds they have done and let them buy anything that they want, as much as they are using their own money. If they made mistakes in purchasing, it will surely give them a valuable lesson. This way, you can also discuss how they could make practical purchases.
3. Money is equivalent to hard work - this is relevant to tip #2. If your kids are asking you for a toy or that they want some chocolates, then you can consider it as a reward if they can complete the task you gave to them. Trying to lay financial foundations in your children’s life will help them understand more about money, not only that, he or she will grow mature about anything you teachers to them.
4. Teach them the 24-hour rule - if you always bring your kids to the mall and they always ask you for different things, give them that 24-hour rule and see if they changed their mind. You also need to explain to them that there can be more important and more practical things that they can get from the latter.
5. Teach your kids on how to save, spend and give - you can set up 3 coin banks for your kids, one for saving, one for spending and one for giving. Every time your kids completed the job you asked them to do and you give money as their reward, don’t let them spend the money that easy, tell them how they want to use it. Helping them to save for the future is important, just like “giving back”.
6. The price matters - if your kids have been eyeing for new toys, tell them that this isn’t the right time for you to buy it. You can teach her to save the money and buy the things she wants herself, with you as parents helping them of course.
7. Debt is a topic to talk about - teach your kids about the consequences of borrowing money. If they badly want something, give him or her the choices of buying it now, save and buy it later or borrow money from you. Each three always has consequences, so you should let them understand everything.
If you want your kids to become successful, teaching them the proper way of handling money at a very young age will be a good and wiser start./7-ways-teach-kids-money//wp-content/uploads/2014/12/teach-kids.jpg/wp-content/uploads/2014/12/teach-kids-133x133.jpgMake Money