There is nothing more important than teaching your children how to manage money at an early age. As soon as your kids start demanding things, you ought to make them realize how expensive those things are, making them understand the significance of money. Among the best ways to introduce your kids to money is spending it in front of them. For instance, you should consider paying in cash as opposed to using credit cards while buying them some toys. This will leave them with the impression that money is so valuable that you cannot acquire anything without it.
As a parent, you are the first financial advisor your kids will ever know. It is, therefore, imperative that you properly guide them on how to save money. For instance, you could begin by teaching them the importance of storing money in an appropriate manner. Keeping money in a scattered way will not teach them how to handle money in a responsible manner. Below are some critical steps you could take towards ensuring that your kids realize that money is to be valued, taken care of and respected.
Teaching kids how to manage money will essentially impact on their approach to banking later in their lives. You, therefore, cannot afford to take chances with their financial literacy; you will want to expose them as early as possible. With the global economic crisis that is threatening to tear down the economy, the least you could do for your kids is assuming the responsibility of preparing them for the difficult times awaiting them. Giving your children freedom to manage money on their own will go a long way in ensuring that they make wise financial decisions.
Hi, I’m Vera! I’m a blogger trying to lead a frugal (but not frustrating) lifestyle. For me, frugal living does not mean living a life you dread waking up to, or thinking that money controls you, when in fact, it’s the other way, you control the money. For me, it means being conscious of your spending, making sure it is a need, not a temporary wish that you might regret later, it’s giving yourself time to research the best deal when buying something so you don’t waste any money.
Follow Vera at www.frugalfrogs.com
Janelle Esker is the grateful wife of Michael and homeschooling mother of six amazing children. She lives with her family, 4 cats, 1 dog, 3 ducks and 12 chickens in scenic Ohio. Janelle received her B.A. in Education from Ohio Northern University. She is the author of CHOSEN: One Family’s Journey with Autism.