There are a lot of ways to teach your kids how to manage their money wisely. The most effective strategy is to be a good example. Your kids will learn from you as a parent. They look up to you and respect you. Whatever it is that you do, they will most likely follow.
If they see you as a responsible parent who knows how to handle finances well. They will grow up to be just like you. On the other hand, if they see that you also can’t set your priorities straight, they will not see the value of using their money wisely.
You should walk the talk. You can’t keep scolding them about their use of money if you also can’t control your spending. You need to show to them where you get your money and how much you put into certain expenses.
For instance, you can ask them to join you when you are making a budget plan. Make them more involved so they can understand the value of budgeting at their age. They will also grow up doing the same thing.
You also have to follow through with what you have written on your budget plan. If you can’t and your kids have seen you turning away from what your plan is, let them know. Perhaps, there were other unexpected expenses that you need to prioritize. The point is that you can show to them that you value money and you don’t take anything for granted when it comes to money.
Below is an infographic depicting other ways on how you can teach your kids to use their money wisely. At a young age, you have to teach them the proper lessons so they will remember them once they have grown up.
Written by Guest Blogger Marina Robertson