It’s important to teach our kids the value of money. This is the way that they learn and grow and develop. Without knowing the importance of money, they can never understand the importance of earning it and as a mother this is something that you probably want your kids to appreciate. It has to be said that having kids is not cheap, and a lot of responsibility comes with it. Let’s say that already you have struggled financially and that buying things is a big struggle. How can you assist yourself? Debt is such a massive thing in today’s world. To put it into perspective, here are some facts. Total U.S. consumer debt is at $13.86 trillion. That includes mortgages, auto loans, credit cards and student loans. It’s a lot and it doesn’t get easier with kids. Financial freedom isn’t easy but it doesn’t have to be difficult. More and more women are learning to stand on their own two feet, either with their businesses, or by other types of investing etc.
You can learn more about financial freedom by looking at A Brave New World. There are many ways to become financially independent but debts can hold us back. Once we are on top of our finances, it’s important to then teach our kids the importance of money and tell them ways in which they can stay ahead of the game. Is it easy? Well, there are some simple ways to incorporate this into their lifestyle early and here are some tricks and tips that you can adopt.
- Examine your own attitudes about money – kids follow the way you behave, so if you are spending money on things you don’t need or overspending, then kids will also think it is ok to do the same. Look at how you spend money and tell your kids that they should do the same. Make good money saving tips!
- Give your child an allowance and let them make their own spending choices with it – advise them on what to spend it on, whether that’s a new toy or some sweets, give them freedom but also guide them when necessary.
- Expect your child to help with family chores – offer kids their pocket money after they have done chores and this way they will understand the importance of it and be able to receive money for chores, a little like they will when they start working.
- Provide extra income opportunities – help them realize the importance of having a Saturday job and being active in the community, helping others, or selling lemonade. It will help them to understand how to receive extra income.
- Teach your child to save regularly – piggy banks are great and also encourage them to keep any birthday money in a pot so that they can buy something bigger at the end of the year or treat a friend to something.
- Work with your children to improve their maths skills. Basic maths go a long way to helping appreciate and understand the role of money in our society. For example, being able to calculate percentage increase or fractions can be really useful when out and about shopping.
Communication is so important in times like this and once a child understands money, they will be less likely to be frivolous with it as well as keep on top of their finances as they age.
