4 Simple Ways to Teach Your Kids about Finances

As a parent, you have to stay switched on regarding nearly every aspect of your children’s lives. From the moment they were born, your focus switched to them and their needs. Life stopped being predominantly about you and became about how to make them happy and healthy. One aspect of health and happiness is managing the financial side of life and the ways you can teach them those skills. Without realizing it, you could be setting your child up for success by just giving them a few nuggets of information.

Of course, you won’t want to talk to them about this when they are very young, but it’s worth bringing up a few things when they reach a certain age. At some point, money is going to become an important aspect of their lives, so it’s worth preparing them. There are many instances of teenagers and adults who struggle with money because they never really educate themselves sufficiently. Here are some ways to avoid those struggles: 

Start Early and Lay the Foundations

These skills are not drilled into young children, but as the years go by, children will ask questions about money, and this is when you will give them a few basic nuggets of information. Make sure you provide accurate, age-appropriate and sensible information. PaperPie has some great books on money for kids!

Make Things Fun 

Kids want to learn while enjoying themselves and doing practical things. When it comes to the world of money, a lot of the ideas can be quite boring for their brains. As you teach them, give them ideas and concepts that they will be familiar with. You don’t have to overthink it and create the best premise but do something that sounds less like a boring lecture and more like a fun game

Lead by Example and BE a Good Role Model

Whether you like it or not, your kids will look at pretty much everything you do. It’s not just the things you say that will matter. If you are careless with money, and you have a terrible attitude surrounding your finances, they will slowly pick up on this. It may seep slowly into their mentality, and they may adopt a few of your habits. Lead by example and let them know how to be mature with money. 

Encourage Openness and Curiosity 
Allow them to ask all sorts of questions. The world of money can be extremely tedious and confusing, so it’s very likely that they will run into trouble with it at some point. Don’t make them feel silly for asking questions. When they get to a certain age, they will learn many new aspects, so it’s worth letting them know a thing or two. Let them know about online payday loans and the perils of not thinking critically about this kind of action, for instance. If you foster open communication, they will become way more educated and a lot more confident.

Join in on the FREE #LifeSkillsNow Summer Camps

Every summer #LifeSkillsNow summer camps offer classes on money management, finances and entrepreneurship that provide solid money skills for kids of all ages. I have my own teens take these to reinforce skills and help them gain practical advice from another perspective. I highly encourage this series to ANY parent and family!

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