The 5 Most important Money lessons to teach your kids
Teaching kids about money is extremely important and one of those things that really matter in the day to day life. Every minor detail matters when it comes to teaching your child about money, so try to make sure that you identify the right lessons. You need to show why you want your child to learn about money and what he should do in these situations.
Wait until you buy something
Impulse shopping is not that ok if you want to save money. Having some money set aside for emergencies is very important. But you won’t be able to save if you just buy stuff on impulse. Create a list with the items you want and wait for a sale on them. Don’t buy something just because it’s on sale. This is a recipe for disaster, as you will spend most of your cash. It’s one of the most important lessons your child can learn right away.
Money won’t fall from a tree, you need to earn it
Kids will see you spend money so they might believe you have unlimited resources. That’s why a very important lesson is to show your child how you earn your money. He will have respect for that and he will understand that money need to be earned. That might stop your child from wanting everything.
The cost of credit
Of course this is a lesson for older kids. But it’s one they need to know. If you buy something with credit cards, show your child how this works. Let them know that you are spending more than usual if you use a credit card. Every tiny bit of information matters here, so make sure that you outline it properly for your child. It will help immensely in the long run.
Learn how to save
Your child won’t have to save a lot of money, but it’s important to know how to save. It’s one of those lessons that help a lot and it will bring in front rewarding results all the time, that’s for sure.
Helping people in need
It’s important to offer support for those people that are in dire need of assistance. There are some scammers which pose as people in need, so your child needs to identify those. But at the same time people that actually need help should be helped by your child. Donating to charity is one of those lessons that will help your child a lot. He can better understand the society and he will become a better person in doing so.
One thing is certain, teaching your child about money is something you need to do early on. Once you do that, help your child improve his knowledge about this as much as possible. The more you do that, the better the results will be. Try to offer as much assistance as possible all the time!