It’s no secret that children learn financial habits from their parents. When you complain about not having money so does your children. In order to break the cycle, it’s time to teach children proper financial responsibility.
One of the best way you can teach your children about money is to:
1. Assign chores.
2. Pay them for the chores.
3. Allow them to keep a percentage.
4. Deposit the rest into a savings (whether it’s the bank or a jar).
Another best practice toward educating your children about money is to lead by example. Let your children:
1. See you organize your bills according to due dates.
2. Create a budget plan.
3. Discuss the importance of paying bills on time.
4. Earmark your savings for a specific goal.
More importantly, don’t argue about your finances or lack of in front of the children. You want them to know the truth about the dollar, but not the stress that you may be under.
“Love yourself enough to support yourself.”
Property of SMG, LLC
Reported by Bahiyah Shabazz, MBA
- The Smart Way to Pay Kids an Allowance (money.usnews.com)
- Five Reasons You Should Give Your Kids a Monthly Allowance (moneyning.com)
- Daddy’s Guide To Teaching Your Kids About Money & Finance (moneyning.com)
- Savings Account: Tool for Teaching Kids about Money (visualeconomics.com)
- Suze Orman’s Four Top Financial Lessons to Teach Your Kids (walletpop.com)