Mommy I want that new video game! Dad I want the new I-Phone! Grandma I want the new Mac Book! Most parents have heard some variation of the above statements. Parents usually are the primary financial educators for their children. Time after time, I have seen young people receive sizable allowances or inheritances, without a base of knowledge in financial planning. Consider the following five points to assist the children in your life to have a responsible attitude about money.
1) Be a Role Model – The way parents spend money and the way children view money has a significant correlation. Consider discussing the family’s financial goals and plans with the children. How much you share is to your discretion, but include the younger generation in at least a portion of the monthly management. How parents deal with money issues, from the monthly bills to planning family vacations can be important in teaching the children money management and the value of money.
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Young children are often eager, almost too eager. The problem arises when they are eager to do things other than what you’re trying to teach them. Here are six top tips to keep them interested in class and motivated to do what you want them to do:
Tip #1: Keep Yourself Motivated.
Think back to when you were a child. If your teacher was not enthusiastic about what he or she had scheduled for class that day, how did you feel about it? It’s the same with young children today. If you, the teacher and often a role model for younger children, think this is a neat activity, then they will too!
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As a parent, you usually want your children to have the best that life has to offer. Unfortunately, you know that it can be quite difficult to get the money that you need sometimes as an adult… and you wish that there was some way that you could spare your children these same problems.
Luckily, there may actually be a way that you can help your children to prepare for the future today; by encouraging them to start saving money while they’re young, you can set up habits that will follow them into adulthood and possibly even help them to build up a nest egg to help them along their way.
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