The best time to teach children about money matters is when they are young. Think about it, at a young age children are usually excited about finding coins around the house and being given money to do small tasks. Try to keep that excitement.
1.Teach your child how to handle money by getting them started on allowance early on. When money matters children need to get first-hand experience.
2.Encourage your child to save for things that they want. Try to make it fun for them by using incentives and rewards. Make sure that whatever you decide you must feel comfortable with it and that it is something you can afford. Let them make the purchase themselves as you keep your eye on them.
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3.Make your trip to the money machine an informal lesson in money skills. Show them the bank statement when it arrives so that they are able to see the withdrawal. Don’t let children grow up thinking the ATM is an endless source of cash.
4.When the bills come in use this as an opportunity to casually teach about the value of money. Don’t assume that your child will pick up the concepts on their own.
5.Be aware of money personalities as these differences often require different approaches. Encourage your children to be aware of the relationship they are developing with money – are they more inclined to spend or to save?
6.Help them to establish a budget. Children, no matter how young they are, have the capacity to maintain a notebook in which they can just dot down the money they have got and the money they have spent. By helping them with this skill you will be giving them one of the fundamental financial tools they will use for the rest of their lives.
7.Discuss money with your children. Be consistent. If you have made a rule about money – stick to it.
8.Let your children purchase their own basic requirements such as school accessories. But make sure that they know their own limitations and keep an eye on them.
9.Open a savings account for them as they mature. It’s very satisfying to see how the compound interest adds on and the balance grows when they don’t spend.
10.When you plan on making a major purchase, such as a dish washer or car include your child in the process. Show them the amount of research that goes into a new purchase. The process of price and product comparison is important and your child will learn this. Make sure that your child accompanies you on the day of purchase.
By helping your children to learn skills on money matters you will be giving them a set of financial tools that they will use for the rest of their lives. Start to teach your children today!
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