RULES FOR TEACHING KIDS ABOUT MONEY

Many people think our society has grown fast and lazy, so also our parents. We having luxuries past generations could only have dreamed of. Many of us also have greater financial resources and the time to ponder how to invest them. So it could be important for some parents to help their children understand money and how it works. But therefore, we focus on what we want the children to do, let us spend a minute on what the elders need to be doing.

Teach your children money management, with this you have to set the right examples yourself. This is one time when the “physician ought to heal himself before dispensing drugs.” Children are smart to learn. To tell a child to do something that is unwilling to do, the respect that have for the messenger. To have credibility and moral authority, a parent has to be willing to go the extra mile and not cut corners simply for short term gratification.

Does this mean you have to do everything right? What about the past? Can a present regain the moral high
ground when the kids know you have made previous mistakes? Sure, but it requires honest and willingness to admit the obvious. There have been times when mom and dad have great mistakes.

But we are learning, and we want to help your children avoid some of the painful mistakes we made. This will make a great remorseful teaching concept. Then it is a matter of walking the tall. The children will be watching. If they see you making the tough decisions and lifestyle changes to get your own financial quarters in order, it will serve as a powerful motivator and example. But if you slip back into habits that too will not go unnoticed.

Whatever your children see you do will tend to have a generic effect on their behavior. If your children perceive a lack of self-control and good stewardship in the purchasing and savings decisions you make do not be surprised if one day you see the same behavior on their part being played out in an extreme.

Impressions children acquire about money lasts a life-time. People generally have a similar attitude about money at old age as they did at the time they were young adults. Helping your children learn how to manage money early in their lives is valuable. It is parent’s responsibilities to inform their children about money management through normal child-training experiences.