Everyday all people in this world all have to experience the facts of life which are paying different bills and putting food on the table for your family. Parents try to do the best they can to provide a higher standard of living for their children than their predecessors. We want the best for our kids and want to instill a great financial mindset in them.
One way of teaching children about money is your very own home with the finances you have to juggle. Have monthly meetings with your kids. Show them what these meetings are about.
Parents receive and income first of all. Educate your children about where money comes from and that it doesn’t just fall out of the sky. Explain that you get paid every week or fortnight for example.
The income is then used to pay for different bills and necessities. Show your children what the money you receive is used for.
Below is a list that you could show to your kids for example:
1. Mortgage = $500 2. Electricity = $200 3. Clothes = $300 4. Entertainment = $50 5. Birthday presents = $200 6. Cell phone bill = $40
From the list above, show what each bill/item is going to amount to. You could simply then add this up and then subtract this amount from your income and it would then equal to how much is left offer for savings.
Communicate to your kids what savings are for. It can be used for paying insurance for example, or to save up for a big family holiday later on.
If you explain it to them in this way, they will start to understand the value of money and will be more cautious on what they spend their allowance on.
Later on, as your child becomes older, give them a bit of control on how the household finances should be divided. Let them suggest what should be done with the money. Encourage them to think about how the family could save more. For example a simple way to decrease the electricity bill is to turn off the lights in your house when no one is in the room.
If you do this consistently, your children will start reaping the benefits of this continual education later on in their adult lives.
Make it a responsibility with educating your children about money. We need to do something today for our kids! Encourage your child to start using money effectively. Teaching Children About Money
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Tags: budgeting money, children, family, finance, Home, investing, kids, kids and money, kids and teens, lifesytle, making money, money, Parenting, Saving