Teaching Children About Value Of Money
Most parents want their children to learn about the value of money and make smart financial decisions as they grow, but in the absence of definitive resources in schools and communities, parents often teach their children themselves about money and how to manage personal finances.
In addition to doubting what and how to teach their children about money, it is likely that parents do not feel safe to teach their children about finances if not even sure themselves in that area.
Regardless of the security or the discomfort they feel in instilling good financial habits and teach their children or young people about money, the reality is that children learn from adults around them. Yes, it is true that your children learn financial habits by watching you. Several studies have revealed that even minimal financial education is beneficial for kids. Small choices and precautions taken now help your children acquire the knowledge and skills they need to have a solid economic future.
While there are no absolute rules on how to educate children about money, the sooner you teach them, the greater is the likelihood that they will feel secured when making financial decisions in the future. Both girls and boys need to learn the basics of money management: how to earn, how to save, how to spend, how to invest, how to budget, and how to make decisions that benefit themselves and ultimately their own families.
Age or time does not matter when you start teaching your kids about value of money, whether they are in school or about to graduate from college or starting job, they should learn how to make smart financial decisions utilizing their own wisdom.
Least but not last, you much always remember that teaching children about value of money is a long process and indeed, it is a journey that lasts a lifetime. Children will learn slowly over time and with continuous positive reinforcement of concepts through everyday conversations and actions, they will be able to make best financial decisions in their life.
More by this Author
After publishing an article on “Harassment On Phone By ICICI Bank DSA” which was regarding the credit card problems I was having and how I settled the card, I am receiving questions regarding credit card...
Voluntary Disclosure of Income Scheme There was a VDIS (Voluntary Disclosure of Income Scheme) from the Indian government in 1999 where the government asked the people to disclose there black money by paying 30%...
If you are overburdened with your longstanding credit card debt, fed up of receiving harassing phone calls by your credit card issuing bank, want to get rid of debt collectors who threaten you at your home and office on...