When it comes to raising children, we’d like them to grow up to be reasonable adults who master their everyday lives. Even when we don’t quite manage to master every aspect of our lives, we may still be able to teach them better habits by admitting to our own mistakes – and teaching them the right lessons early on.
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Financial knowledge is something that both young adults and their parents find equally important. Even if they don’t find it that interesting as a child or a teenager, they’ll thank you for the lessons by the time they enroll in college.
Here is how you can teach your children the best kind of money habits while they’re still young, making it a lot easier for them to handle that credit card later in life.
Give allowances for budgeting only
It is, of course, up to you if you give your children allowances or not as well as the conditions the pocket money come with, but it’s a good idea to separate the money from the chores. The reason is quite simple; when your child notices that they only have to give up on a few dollars by not making their bed in the morning, they may very well choose not to do it at all.
Preposterous as it may sound to us hard-working adults, your child knows that they’ll still be able to enjoy dinner every evening and the occasional treat – even if they don’t complete their chores. Have a read at thebalance, by the way, for more details on budgeting.
A clever way around this is to give them pocket money nonetheless and still expect them to complete their chores. Like everyone else in your household, they should have to contribute, and you won’t see anyone give you a couple of dollars for taking out the trash. Although it would be very nice.
Remember to teach them the latest stuff
Schools and parents can sometimes make the same simple blunder; they forget that times are changing, and keep teaching the same old stuff. You can find so many great resources online for both yourself and your children, so have a long look at mastermyfinance and read up on the various topics.
Online banking, paying with nothing more than your fingertips, and finding great discounts online are a part of our lives now and should be introduced to your children early on.
Play finance games with them
Those who see the magic in science and maths have probably also found some sort of joy in it. It’s fun to master something but usually not as much fun to learn it; spice the learning process up by purchasing a few board games, for example.
Monopoly is a solid choice as it teaches your kids budgeting, loans, and even the glory of saving the money you earn.
Plus, it’s fun for the entire family, so you might even be allowed to join them. Other great finance games for children include Kwedit and Prosperity4Kids, but choose the one that’s right for your child’s age by having a look at this handy list.
With the right guidance and education, your children will grow up to be truly money-savvy adults. It will be easier for them to grasp the financial terms in class, too, so get out there and buy those games right away.