Why Kids Money Management Is Important
These days it is really important to understand our own finances
. Too many times are we seeing people get into debt and find themselves in impossible situations. Even worse they may end up losing their homes and even their businesses. However we must make sure that kids money management plays a part too!Some parents may think that school should be teaching these kinds of things to their kids but at the end of the day they can only teach so much. It really does come down to good parenting and making sure our kids understand where money comes from and how it pays for things in their lives.
By teaching kids the value of money and how to make sure that they know how to use it when they are older you will be preventing them from making big mistakes as they get older. After all you don't want to have to be helping them out of debt when they are older.
Children love to learn, when you're out shopping with your toddler explain that everything in the store costs money and that money is given to you when you do things for the company you work for. Keep this in their minds as they grow and explain that their gifts on their birthday have to be paid for, you'll find this knowledge will prevent a lot of discussions when they keep asking for something too expensive.
When your kids grow older you can into more detail about banks, loan agreements, basic budgeting when you love alone. Tell them how to find good deals and not get ripped off by companies who are just after their money.
Leading by example is something all parents need to do. If you mismanage your money then your kids are more likely to think that your behaviour is okay and they will go on to do the same. They may end up with several loans or hire purchase agreements by the time they're a young adult.
Set a good example, be open and honest and if you have ever had to get help to manage your finances explain to your kids that help is always out there. Make sure to also point out the pitfalls such as expensive loan agreements or companies who charge money to help you repay debtors. Open their eyes and they will be far more stable once they are older. Kids money management really does pay off in the long run.
kids money management
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