“Money Dearest!” – Teaching Our Children About Finances

Mirielys PerezFinances, Mommies CornerLeave a Comment

Living your life without worrying is a lovely idea in theory. But for most of us, there are major concerns that we have throughout life, and why we can spend a lot of time working to increase our confidence with certain approaches, such as mindfulness and meditation, the big stresses of life that pressure us every single day will always be there.

Of course, money is the major thing that comes to mind for most people but does this mean that we need to address our attitude towards money? If you have children, them seeing you being continually stressed and anxious over money worries can send a signal to them that they will pick up on and will embody these characteristics as they grow up.

So, it’s important for you to develop a healthy attitude towards money for the sake of your children that you can also benefit by teaching your children about certain aspects of money, regardless of their age. What can you teach them?

 

Live Within Your Means

By all means, this doesn’t give you permission to never take out the credit card ever again! But it’s important for you to teach your child the importance of paying back debt and living within your means, and this means that you should teach your children the fact that money doesn’t grow on trees. There are many credit cards for average credit ratings out there, which give us the opportunity to enjoy our life, but in borrowing money from financial institutions, we need to pay it back promptly. If your child sees you paying for everything with money that isn’t yours, this could communicate the wrong signals to them.

 

It’s A Reward For Hard Work

Regardless of your attitude to working hard or working smart, by getting paid at the end of the month or week, and treating yourself to a little something because you’ve worked so hard is an important lesson to teach every child. And you can teach your child by giving them a small amount of pocket money for doing a task around the house. This will help to build that all-important attitude of getting paid for work.

 

Saving Your Pennies

Following on from being paid for work, you can teach your child the value of saving up for an item. If there’s something they really want, but they don’t have enough pocket money now, they need to learn to save up this money. You can do this as soon as they have a basic grasp of numbers. And if they do waste their money on something else, but they still want that item they can’t afford, then, they can’t have it! This is a very important life lesson for all of us to learn.

 

Our attitude to money is so important, and if we have a poor attitude to money, where we get in debt all the time, we transfer this to our children. So, if you don’t want to worry about your children being in debt in 20 years’ time, start to address this issue right now. Teach them the value of working for a wage, as well as addressing their attitude towards money.

 

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