In this information and technological age, children want to be as latest as their parent in the area of fashion (latest dresses, shoes, bags, purses etc), information and technology (android watches, phones and apps, electronics, laptops, etc) and be more social among their peers in schools.
All these make some children, especially starting from their teenage age of 14, to demand for money from their parents or guardians without genuine reasons in the first place. This period of their growing up is also the best time to teach some values of MONEY to them.
Teach them some money management skills that will help them now and tomorrow :
Teach them to save.
Let your children develop this skill as early as possible by encouraging them to keep every of their gift money in bank accounts you open for them or in a safe box. Tell them advantages of keeping money for future use.
You can even add a tip on top as interest on the save from you. By this they will know that money can grow when one starts saving little by little.
Give them a monthly allowance.
Make them feel they have money of their own. Give them a reasonable little amount of money on monthly basis. Advise them on certain things they can spend the money on at school or with their friends even without your permission.
They must also know that any left -over or unspent allowance still belongs to them as additional to next month allowance. This will give them a sense of spending within their limit and to prioritize their wants.
Teach them Budgeting.
When your child dreams and point to an item that is of high price but doesn’t contribute to his/her basic needs at school or at home, then you can think deeply on how you can make such your lovely child responsible for it in a funny manner.
You can tell him/her to start saving part of his/her allowance for the goodie while you promise to balance part of the money. This will make the child to know that it is possible to get one’s want when one plans toward it.
Teach them the ideas of getting quality things at cheaper price.
Most children get an item’s price through first price tag they come across. Let them know that good quality can also be gotten at a lower price. Encourage your children to shop for prices of a product they want at different stores to compare prices and discount.
They can even surf the internet to buy their needs from local or international online stores at cheaper rates. This will develop their skills in research and negotiation while learning how to keep more money for themselves.
Discuss some financial issues with them.
Yes they are growing up and make them to have good financial intelligence background right from home.
Let
your grown-up children know that you really plan and save for their higher
institution programmes.
Let them also be aware that you run the house needs base
on budget.
Let them know that using credit card is dangerous if one is not capable to pay back when the reason arises. That debit card will always put one at a safer zone.
Answer every question they ask about your income and any money-related issues in such ways they can understand the good value of money in man’s life. This will make them to be more serious toward their academics and looking forward to a responsible adulthood.
Teach them these values that will make them appreciate money. Teach them money management skills now. It will also save your own spending on them.
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