What can parents teach their children about money?
Being in modern society, the feeling is that children are less and less aware of the value and importance of money, so it is especially important for the parents of children to teach them the most important things that relate to money. Learning about money could be divided into four major categories, namely, working, spending, saving and giving. What parents should teach each of these four categories to their children, read on.
It is vitally important for their children to teach that money is not an apple that grows out of its own trees, although it would certainly be nice. Already in childhood, children should be involved in all kinds of homework in every possible way. Whatever it is, dishwashing, bedding, dental washing, cleaning your room and toys, trash caning, etc. – They need to be taught that if they fulfill their duties, they will receive a commission for it. Yes, that is not a fee but a commission. Don’t pay your kids money for just being and doing what they need to do. Teach them that if they want money to buy something, it must be earned at first .
Teach your children that, for example, ice cream is not for free. This is a great opportunity to teach children what the priorities are. Have you ever given your child a € 10, for example, and noticed that they immediately and without thinking spend all of them immediately? This is repeated every time, and adults, too, tend to do it and then say that nothing is “going ahead”. You just can’t get ahead if you don’t understand how to spend money. In this case, of course, let’s not talk about first-rate goods and what kind of delicacies then, but when it comes, for example, to regular, moreover, relatively expensive treats, let your children buy them for the money they have previously earned. Not a better moment to tell the kids that if they spend their money earned on treats, they won’t be able to save money so quickly on a long-coveted bike or computer. In this way, the child learns to evaluate their priorities and where to spend their money.
Buy a personal savings bank for your child. It may seem boring for children to spend money, but this is an activity that should be given a lot of time to teach. If your child grows up without knowing what it means to save, it will most likely be very disappointing in life, or even worse, to get involved in debts or credits that will slowly ruin their lives. Teach your child to place a commission on the savings account instead of spending it right away. Even better, if the savings bank is transparent, you can see how their money grows.
This point might be unfamiliar to many or seem unnecessary, but it will talk about donation, such as animal shelters, children’s hospitals or churches. Also, by teaching children to donate and do good to others, don’t use your money, but ask them to donate their own money. Of course, not just asking to do it over the same will, but constantly telling us how good it is to donate and help those who don’t have the money themselves or have been affected by an insurmountable disaster. These are just a few, but you could say the most important things you should teach your children. The best things parents can do is talk freely and often with their children about money, and always be close to answering all the questions they are interested in. Do not be afraid to teach your children how to handle money to grow into money experts. Remember that working, spending, saving and giving are the four cornerstones on which reasonable and useful money is based.