5 Lessons to Teach Your Kids about Money and Its Value
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Honestly tell me, how many times you have refused to spend bucks on your child’s whines? Not many times right? This attitude actually grows with the children and they use the same on their next generation. We believe that money is a thing that children should be kept away from. But in order to avoid the blunders it’s important to teach them the value of money.
The kids actually do not have much idea about the meaning of money and the value associated with it. This affects in their adulthood and thereby welcoming many financial dilemmas and misapprehension in their lives. It’s better that we should teach them about the necessity of this thing called money without which human life is impossible from the point they learn this word.
1. Teach them the difference between “want” and ‘need”
Forget about kids, we adults often do not understand the difference between want and need which leads us to take some capricious steps. Make your kids understand that they “need” a beautiful or smart dress to wear, no matter how much they “want” to buy those expensive trendy fashionable clothes. Sit down with your kids and make a list of the things that they need and they want, compare them and make them realize the difference.
2. Start giving them control over the money
And this will help them to be responsible. Generally parents or elders do not tend to give any money in the hands of their children that shall be used for some serious purpose. Shake off this thought that they cannot handle a serious issue like money, rather give them some amount of money to shop for household or anything like that and this way they will learn how much to spend and how much to save. This is a self-learning process.
3. Teach them the bliss of save-now, spend-later theory
No harm in confessing that we all were being taught this moral by our parents when we were in our childhood, but somehow many of us couldn’t live up to it. But this time you have to be really strict and serious about it. Teach them that reducing expenses make the goals come faster. Give them practical examples of this thing and the happiness associated with buying things from your own saved money.
4. Learn to say a strict NO
You say no for the video game today and for the whole evening, your child begs to you, promise you to finish all his homework if you buy him the thing, then on the next day, you go to the shop and buy that video game for your kid. This is not done. If you say “No” then mean it and try to stick with it. Don’t over pamper your child on the matters of money.
5. Teach them to earn it for themselves
Your son or daughter is demanding something from you and if you think that buying it would be only encouraging them, then don’t buy it for them tell them to earn it for themselves. If it is a “must-have” wish for your children, then set a goal for them or tell them to put their effort on something and on the return of that they can purchase their desired thing. It is a moral and psychological progress for the children.
Teaching about the worth and not the price of money are one of the most generous lessons that you can give to your kids. It will help them to grow as a better human being in their life.
Author Bio:
Katherine Scott is a financial guru with a comparable experience in the call center industry. She shares expert tips on personal finance for young adults, kids and the career-minded people.
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Category: Family Finances
