One of the most important things you can teach your children is the value of money. This means teaching them that money is something you work hard to earn and you spend it wisely. Money matters are not at all inappropriate to discuss with children, even when they are young. As a matter of fact, you can use their behaviors as valuable teaching moments to ensure that they learn all they can about money and its importance.
The next time you give your child her allowance, take her shopping and let her buy whatever it is she wants. Don’t offer your opinion about anything from the price to the stupidity of the item. Just let her buy it. When you hit the next store and she doesn’t have any money left to buy something she really wants, you can use this moment to teach her a little about money and making wise purchases and not impulse shopping.
Disregard for Timeliness
Kids don’t necessarily understand the concept of time and why it’s not okay to do things late. One day, however, she will need to know that she has bills due on a certain date and paying those bills late can have lasting negative effects on her credit score. Use her disregard for time and due dates in regards to school or chores as a lesson to help her learn the importance of always completing tasks and meeting ue dates on time.
Talk To Your Kids
Use any opportunity to talk about money. Teach your kids how to spend their money with thought, how to be responsible, how to budget and how to make sure that they always have enough saved to ensure that they are taken care of in the event of an emergency. Your money conversations throughout their childhood could help them to become more financially savvy as they grow older.