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What Children Need to Know to Have a Better Financial Live – Part 1

What Children Need to Know to Have a Better Financial Live – Part 1

A long time ago, a wise man came up with a proverb that is remembered and even cherished nowadays in some cultures: It says that if you train a child properly, they will remember that training when they’ve grown. Perhaps this has never rang truer than when it comes to their finances.

Yes, even while they might be too young to understand some of the ins and outs of money, you can still show them a lot of things that will affect how they behave towards their finances later on in life.

That said, if you want to know what can you teach your children that can make their finances (and therefore, their lives) better in the future, read on for some tips and suggestions.

1. Second hand stuff is ok:

Teach your children early on that ‘hand-me-downs’ are acceptable in certain cases. It will be very easy to get them used to the idea of using secondhand clothes, toys and other things. In fact, they will accept it as a natural part of their live. However, don’t forget to teach them about the value of new things. This way, when they grow up they will not only know when to buy new, but will also not feel bad at all if they find a good deal that on used things.

2. Teach your children the importance of sharing:

Show them why sharing with others is important and that there is more to having things than just saying “that’s mine”. This not only will show them good values, but will also be very beneficial in the future, especially if the time comes when they need to live on their own and perhaps have to share an apartment with a roommate or any of their things with a neighbour. Overall, sharing will save them more money the older they become.

3. Teach them the importance of saving money:

Even if you and your children’s grandparents and uncles give them allowances on a constant basis, that doesn’t mean that they need to spend everything. Teach them to save at least a small percentage of what they “earn” and to spend the rest if they want. If you teach them well, they will learn perhaps the most valuable financial lesson and will not incur in debt in their future lives.

4. Teach them how to cook:

If you teach your children how to cook healthy and varied meals with all kinds of ingredients, they will save enormous amounts of money in their future lives, since most likely they will avoid eating convenience food, fast food, and will only go to restaurants from time to time. What makes this task even easier to achieve is the great variety of tools available to cook nowadays, like slow cookers and microwaves.

5. Teach them to appreciate when a job is well done:

  While it is great for you to appreciate your children’s efforts an on their efforts and to compliment them for them, it is even more important for them to learn to complete every task they start. This will create a strong sense of discipline in them and will make them excellent employees in the future.

6. Teach your children to be patient:

We all smile at a kid when they start demanding things. But it is not funny anymore if this behaviour extends to their adulthood. If, however, you teach them to be patient and calm since their early age, they will also be understanding when grown up, which will help them tremendously in their future interpersonal relationships and will help them prevent being impulsive with their money.

Visit the site tomorrow for even more tips on how to help their children achieve financial success in their lives on the second part of this article.