Teaching children about money management
Teaching children about managing their money better
Money is an important resource that can lead to stress and anxiety in the modern world.
We know it is not how much money we make that matters, but how we manage what we have. I am always blown away that we do not teach money management in school.
Awhile ago I wrote an article about people wasting money or not investing their money well. People who prefer to buy cars rather than save money or those who spend more than we earn. Money is so easy to spend, yet more difficult to make. Let’s be frank, money is a resource that if we use it well gives us the best comfort in life, unless you are one of the top 5% of the world, we can all do with a bit more money.
As adults, life is challenging
Majority of us have a job, but even managing the money that comes in every month can be a challenge with daily expenses such as food, bills, holidays, children’s education etc to plan for. This is about financial education, it’s the type of education they don’t teach in school, so how do we know how to manage money?
It is essential for parents to teach their children not only the value of money, but to make sure they live within their means and most importantly to always put something aside for the future. It is essential that most of us teach our children not to waste water or other essential resource, but we do not sit down with our kids to explain to them the importance of money.
Making it a habit of a life time
It is better to start by giving them money as a reward for the work that they have done. You will be surprised how well they will manage money if you make them work for it. But people don’t manage something that is readily available. The air will breathe is critical, but in abundance, we don’t really notice it, the same with water until you get into a place where there is a shortage. If we teach children the importance of these essential resources, they will pass the message to their own children and you will be surprised about the difference this will make to your family and the future generation.
Some people have a habit of wanting to spend everything today and believe that the future will take care of itself. That is not a great way to live because as we get older and become less productive, we will end up depending on people who may have their own issues.
So teach the young ones financial independence at a very young age and explain why this is important to them. There are several books on this topic, read and give them the books to read about the freedom they will enjoy from better money management.
It is important in these age of the internet for them to understand the best way to manage their money is not only about putting such amounts away, but to find investments that will grow in the future. This is about freedom for the future. The freedom to do whatever they want
You may also be interested in