The highest compliment is when a person emulates another. As with most children, they are the mirror image of their parents. This is great except when children are reliving the bad habits of one’s parents.
“Do as I say, not as I do”…is the famous quote that is heard around many households. What does that mean to a child? Does it mean that it’s good enough for me, but not you? Does it mean that I’m sacrificing my best for you, but you should never do the same? Does it mean that I (the parent) am not worthy?
Whatever the meaning that is interpreted by a child, it’s not good.
Let us begin teaching children the value is placed with self and not monetary value of goods. Yes, money does have value but not at the sacrifice of one’s freedom. When you become a victim of mismanagement and a slave to your finances then you are not valuing yourself.
There are five points that should be discussed with children when it comes to personal finances.
1) Know your worth and not define yourself by material possessions.
2) Never spend more than you have.
3) Set clear goals when it comes to your spending limits (budget).
4) Create a savings account for an emergency fund.
5) Save sooner than later for retirement.
While discussing these pertinent points with your children it’s important to live by example. As parents, you want to make sure that you are creating happy moments when visualizing household money management. Children will grow up to believe what they see and hear around the household.
If you complain about going to work and never have enough money, they will resent employment in the future. If you openly discuss the proper ways of saving money, budgeting and enjoying life they will be able to make prudent financial decisions as adults.
“Love yourself enough to support yourself.”
© SMG, LLC
- Teaching Your Child How Savings Accounts Work (ally.com)
- Child savings accounts promoted for teaching ‘value of money’ (gateway-homes.co.uk)
- Allowance | Information Center | Education.com (education.com)
- How young should you start teaching your child about money matters? (marrylallwrite.com)
- Teach Your Children To Save Money (heartyparenting.com)
- Kids & Money: Deciding When to Stop Paying Allowance (bargaineering.com)