Now that I am an adult, I have to be sincere and say that even if I use my money for the right choices, I always have a hard time doing it. Why? May be I failed to go through the most precious money lessons from my parents that I didn’t know how to use it or manage it. One thing I remember though is the fact that my dad never pampered me with money. He only gave me enough pocket money and out of it I learned how to manage and budget for only important necessities. Again, when my pocket money was over, I could look for means to make my own money before my dad could give me the next pocket money. So I felt proud of what I managed to work for and earn.
That aside. Are you teaching your child how to manage money? Are you the kind who gives the child anything he/she wants even without explanation? May be you can adopt a few tactics from me here and there and help your kid become conscious of money.
Be a good role model on managing money. As a parent, the way you manage your money will talk more of what you expect of your future kids.
Give your kids some money, pocket money. Encourage them to use the money wisely, may be some for fun, save some for long term goals, and also show them that they can do some charity with some money.
Encourage them to save the money and promise to add up some percentage for what they have managed to save for long term.
There are online games that could be useful for the kids to play that would alienate them on money like calculators. Encourage them to play.
Kids who work for their money are good money managers than those who do not know what work is and expect to be given all the time. You could encourage them to go for kid jobs especially when they are on holiday. Such kids manage their money correctly and have a lot of pride in it. Which is important.
Running a family especially when it comes to spending money, is something that is so hard to do. At times your children may not understand why they didn’t have rich breakfast like always. Explain to them if you are experiencing hardships with money. Tell them you are saving up money for important issues. Your kids should see you save the money or investing. They do not have to know how much you earn. Go to the bank or financial institution with them, explaining why you have to go there. When investing, show them the need for it and what they expect in the future.
When shopping around, do not just tell them no or yes about their choices, you need to explain why no or why yes. Like by avoiding to buy toys would help them go for a happy picnic over the weekend at their favorite site. Or, it could save up until they get the big screen TV they have been asking for.
Investing games would pay up in the future. Take them to an investing club and let them play. Pretend funds and shares would help them build a big interest in future investing. They are kids and kids like to play.
When working out a check book, work it out in the presence of an older kid or teenager and try to explain some parts, this will help him build more serious interests.
As the kids grow up, send them to school with pay checks to pay up for their school. Or let a kid with his/her own car buy her own fuel. or let them do their own budget like clothing. Do not have the habit of doing everything for your child or you will be sorry. Let them learn how to manage money however little it is and this way you are bringing up responsible kids. Good luck!
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