Having a particular conversation with our kids is important, and one of these conversations is the “Moneytalks.” Some parents make the assumption that it is not right to talk about somethings with their children till they come of age, but somethings can also not be delayed till later, and this happens to be one of them. The truth is, there is no right and wrong time for teaching; the manner of approach is what makes the difference.
There is a famous quote that says, “experience is the best teacher.” What this saying doesn’t tell is that one person cannot go through all these experiences, else there will be no need for books, mentors, teachers, and the likes. In this case, the experience that the parent has and the children don’t is with money, and the knowledge can be passed down to them by;
Talk about saving money and buy them a piggy bank: One of the toughest things to do with money is to save it, and that’s probably because we didn’t get the knowledge in our early days. Therefore, to avoid such occurrence from reiterating, imparting the knowledge in our children right from their childhood is vital for proper discipline with money. They can also be further encouraged by getting them a mini-bank where all their savings will be; this will serve as an encouragement when they see how fast their little pennies are becoming bountiful.
Setting a budget before going to a store: Budgeting is an essential aspect of money discipline, and this can be taught to our children by practicing it in their presence. In a situation where you go to the store with your kids, making them aware of the money permissible to be spent is a good way to go. So on getting to the store, it makes it easier to tame their insatiable wants to the budget. And from there, it can become a life lesson for them.
Teaching kids that money is just a necessity for living: Money is a necessary part of living and not the sole purpose of living. This knowledge should be passed on to our kids at an early stage to avoid them being obsessed with money. As the saying goes, “the love for money is the root of all evil,” and we wouldn’t want our children to love money than they love humanity.