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According to the national endowment for financial education, kids are more likely to learn financial responsibility from the people they are growing with.
It is essential that parents find time for financial literacy courses at home where kids learn why is it important to save money.
A huge mistake most parents make is assuming that their kids are too young to learn money management.
The result? Adults who spend all their salaries in the first two weeks and bury themselves in debt for the rest of the month.
While you may pay significant money to have your child get into the best schools, the teachers and professors will not teach them these critical life skills.
It is the parents’ responsibility. Teach them as soon as they learn how to speak.
The lessons they learn from a tender age are likely to be a habit. They may not even know that you taught them how to be financially independent intentionally.
It is easy for them to assume that they picked up from your habits and practices. Of
Of course, not all the parents are aware of how to properly train their kids.
But some of them are masters of this business, and they even write articles on this topic and publish them at the review by essayexplorer or on other writing services.
So it’s useful to read their recommendations and learn some tips. Our article will provide you with simple tips that you can apply to ensure that you know how teaching kids about money is done.
1. Show That Working Is Important
As an adult, they will have to do things that need to be done even when they have no desire for it. Therefore, you need to teach your children that working is essential.
For instance, when your daughter or son is a student who deals with humanities, you should teach him or her how to use different websites to create unique academic pieces and check them using essay plagiarism checker or other special services.
But to be productive at university, they should be prepared to be responsible for their private life, physical shape or money at school or even at kindergarten.
They can learn this lesson as soon as they are 2. Well, your 2-year-old does not care about money at all. However, they do care about other things like cartoons and candy, use that.
Show that they are rewarded for completing their chores and doing some work around the house. This mentality will help them work on developing their careers and working even while in college.
Then, their rewards will be in the form of the money they earn each month even though at first they were rewarded with a piece of chocolate and peanut.
2. Let Them Make Mistakes
A great place to begin financial education is by highlighting things that your child could have done with their allowance but didn’t do it.
You should not tell them in a harsh way that will make them feel insecure about their choices. Be gentle. Show them alternative options that would have been better and explain why.
It also means that you need to GI them opportunities to earn their own money. Experts propose that by 3-4 years old, your baby is old enough to start earning.
Remember, it is just for learning sake so do not give them exorbitant amounts and expect them to put it in the bank. Let them bring their money when you are out shopping.
When they see something they want and ask whether they can buy it ask them whether they brought enough money for the item. If not, let them save up till they can afford what they want.
Sometimes, if they compromise and buy cheap things that may easily break, so they will buy things of better quality next time.
They will make the $3 mistakes now and avoid $30000 down the line.
3. Tell Them To Live Within Their Means
Today, most people are living way beyond what they can afford. Teach kids how to pay their bills on time and how to save money from their salaries.
They need to stay away from bad debt. It is easy to use up all the money earned in the first few days and spend the rest of the month borrowing from family and friends.
In most cases, these debts are not necessary. They appear because they pay more rent than they have too, buy too much food or that they drive a car that is beyond their means.
Having a credit card is not bad. However, you must be able to pay off all the balance at the end of the month to maintain good credit.
Show them, by example about how to use a credit card correctly. Let them remember that they will have to pay all the money at the end of the month.
Your voice on how they have to pay will be with them each time they pull it to buy something. If used correctly credit cards have great perks such as free flights, fee reductions and insurance.
But, only for those who have good credit.
So, before they use their money to buy an essay plagiarism checker, they should check for plagiarism free services to check plagiarism in a paper for free.
4. Make It a Math Lesson
If you are wondering whether you have enough time to help them with their homework and still teach them financial responsibility, you can combine both.
Use that lesson in percentages to teach your child what percentage of their income they should deposit to the bank, pay tithe and even pay rent.
Their rent should not exceed 4-6% of their total revenue. If they are spending more than that, they are probably not saving enough.
They also need to ensure that they have some money to fall back on during tough times. Having some money that can sustain them for at least three months if they lost their jobs would help them quite a bit.