The Money Talk: Teaching Kids about Financial Responsibility

The Money Talk: Teaching Kids about Financial Responsibility

Are you already wallowing in debt? Or do you simply fear for your children’s financial future?

Can’t wait to start educating your little offspring about the perils of careless spending and the joys of being debt free? The thing is this—you don’t have to wait until they’ve grown up to teach them about money and all its pros and cons. The right time is always NOW! Sooner the Better That’s right. The sooner you start teaching your kids about money, the better off they will be—and you as well! Teaching your kids about money during their formative years is the key to making sure they never forget everything you teach them, and it’s the best investment you can make not only in your life but theirs. If you aim to raise not only happy but truly successful, and debt-free kids—this is absolutely a must read for any parent.

Make it FUN! Before anything else, you have to understand that your kids don’t share your adult mind. They are not familiar with financial jargon or the whole gist as to why money matters. Don’t just sit them down and explain about concepts and principles about money with a straight face. You have to go the extra effort and be intentional with the way you deal with this situation, because knowing you are going to be teaching a young mind, you would have to utilize their language to go through this.  Use toys. Piggy banks and play money. Games. The sky is the limit!

Make it a light-hearted experience for your child and make a habit out of it. The more you integrate these little money-saving strategies in his or her life, the better off your child will be.

 Use gadgets. It’s inevitable to resort to this strategy but there are apps out there that are centered towards giving your child the opportunity to handle his or her personal finances, or teaching them the basic values about money.

This will be beneficial to you both because you can consider this a “break” from your usually dull and adult responsibilities. Consider it your play or relaxation time and you’ll realize that teaching your kids about money the fun way will be an enjoyable, cost-free activity for you.

The Waiting Game If there’s one important factor you have to teach your kids, one thing you have to truly ingrain in their young minds is the concept of waiting. Delayed gratification is the way to go if you want to teach your children about money—a great way to stop those impulsive purchases and irresponsible credit card usage. If they know that they have to save and wait before they buy something they want, then they won’t have to worry about unplanned spending and wasting their money on items they can actually live without.

And with industrious work and patience, they will eventually reach their goals. Good things come to those who wait, after all.

Chores & Rewards Setting responsibilities at home is a great way to start teaching about working for what they want to buy. Knowing kids, a simple trip to a toy or bookstore immediately ignites the need to buy something. Although it’s okay to give gifts or special tokens to your child as an expression of love, do it sparingly when he or she asks for something that is unreasonable. If possible, make them earn their money through chores. A reward system is also a good way to teach them about hard work and the simple concept of “What you sow is what you reap.” Of course, as the parent, it’s advisable if you won’t be stingy or merely offer words of praise to your child. And please, do not LIE to your child just to get them to do something. Don’t resort to manipulation or blackmail. Fairness is always a must when it comes to raising your child because they are always watching what you say or do, and they WILL follow your example. Putting your best foot forward is always a must when you’re raising your children.

Budgeting, Wants vs Needs

Now that they are aware about how important money is, making them understand how it doesn’t magically come out from your pockets, the next step would be to teach them about what to do with their hard-earned cash.

For starters, ask them to get a piece of pen and paper (there’s nothing better than roughing it up), and teach them to write down the total sum of their money. Now would be the time to teach them about the right way to budget, which is basically by putting wants over their needs AND putting savings on the top of the priority list. Remember, savings isn’t what’s left after you’ve paid all your expenses—it starts the moment you get your money! Teach this to your child as early as now and you’ll be proud you’ve raised a smart saver.

As you can see, teaching your children as young as they are means that you can also start anew with your own finances! Believe me when I say that there’s still a way to wipe out your debt! Experience true debt relief with Financial Rescue LLC’s debt settlement programs. We have the best team of negotiators and legal plans for your protection, so you won’t regret signing up with us. Call 1-877-97-DEBTS now for more info! Face a debtfree future with your family from here on out. Good luck!