9 Ways to teach kids to manage money
There are lots of ways to teach your kids how to manage 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. It doesn’t make sense to give out to them about the way they spend their money if you also can’t control your spending. They need you to show them.
For instance, you can ask them to join you when you are making a budget plan. Get them involved so they can understand the value of budgeting from a young age so they will grow up doing the same thing. You also have to follow through with your budget.
If you can’t and your kids see you not taking it seriously they won’t either. I am not saying be strict on your kids having to know and understand budgets but simply show them how to do one and guide them how to spend money and not live beyond their means. There may be unexpected expenses that you need to prioritise. 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
Infographic credit: creditloan.com
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