How to teach children on money management

A number of born ’90s grew up, being afraid of money. Money was a rare topic in most homes. Statements like money do not grow on trees, money is the root of all evil, money makes people proud and many more negative statements were used.

However, many children were afraid of money. They even witnessed their parents ‘struggle’ every day just to get money. It is sad if you have to instill such negative thoughts on your children. The subconscious mind tends to act as per our thoughts.

We all know money is not evil, we humans become evil. There are simple positive lessons that enable someone to appreciate money. Greed is an attribute given to human beings. Instilling traits like gratitude and patience are very important. Children are keen listeners and they observe and listen to their parents’ statements a lot.Check out; How to teach children on money management

Below are easy ways of teaching children on money management:

Be an example

Go with your children to buy groceries or any shopping. Give them reasons as to why you are choosing an item over the other. You can also show them some of the places you opt to shop in because they are cheaper. Comparing prices and having a list of items to buy is very important. Through mere observation, your child can clearly tell a lot about what is happening.

Live within your means

Children are very innocent. There are moments they will ask you questions that are a bit difficult to answer. They may demand to go for a tour worth your whole life savings. Do not worry about this situation. Just sit down with them and make them understand your current situation. Some parents go to the extremes of selling their properties just to please their children. Teach them to manage the little they have. Let them appreciate every step in life.

Choices and comparisons

Let’s say you want to purchase a new electronic. You should go with your child, compare all the brands. You can even sit down and check on the online reviews of that item. Then choose the most appropriate. Maybe three of them. Compare the prices and the price you had budgeted for. Pick something either with the exact price or lower. This will be a self-explanatory lesson for your child.

Allow them to make mistakes

As you introduce your children to money. They have to learn through mistakes. If you become too cautious, they will never know what is loss. Let them make those bad financial decisions. Then you will help them learn through their mistakes.

Involve them in long term plans

If you go window shopping for let say renovation materials for your house. Involve them in your budget.let them see you saving to buy those materials. Through their savings, your children will learn to save up to buy something expensive too. They will know that it takes time to have something expensive.

Be tough

As parents, you have this aspect of loving your children so much. You give them everything they need especially if you can afford it. They will think that everything is just instant. They will never understand why you have to work in order to get money.Don’t let your emotions take control over your life.Children have to learn life is not easy.

Let them learn to save

When kids are saving, always ensure that they use the money for the right purpose. If it’s money for charity, it’s just for helping out. If they take the money let’s say from the savings jar to buy something not intended. Make sure you question them. This will ensure that your kids are alert. They will be accountable for every penny they get.

Act of patient

As far as management is concerned. Patience is key. Your child should know that it will take time, for maybe the jars or the bank accounts to have enough money to do whatever they need. Let them know that getting money takes time. These simple actions will let children respect hard work and know the value of money.

There is no parent who would feel good when their children are all grown yet they are dependent on them. Unfortunately, that is the modern world now. A forty-year-old can still be dependent on his parents. This is simply because they have not studied much on finances. The parents too are okay with such a piteous situation. How to motivate your children to be focused.

As a parent always ensure that your children have the right materials on finances. These can be apps and some of the interesting financial books. Also, look http://equipyourselves.com/2020/07/06/how-to-introduce-money-to-your-children/.Read How to teach children on money management often.

Use the best tools to teach your kids about money.