Dad Tip of the Day: Teach your kids about money early so they will have great foundational principles for their money management in the future.
As parents, teaching our children about healthy money use is one of those things that will pay dividends down the road. Of course, many adults struggle with money and do not have all the answers, so it can be difficult to teach that which a person does not know.
Given this, it’s imperative as parents that we manage our own finances properly, which will, in turn, help our kids understand how to manage their own money situation. I found a good article online that talks about some of the important things to consider when teaching your kids about money; https://www.daveramsey.com/blog/how-to-teach-kids-about-money
- Set the example
- Show them that stuff costs money
- Show opportunity costs
- Give commissions, not allowances
- Avoid impulse buys
- Stress the importance of giving
- Help them figure out how to make money
Unfortunately, money and personal financial management and responsibility is not really in the core curriculum of educational systems for children here in the United States. It is ultimately the parent’s responsibility to teach our kids in this regard.
Here is a picture of my kids playing with pretend money:
So make sure you know how to take care of your money and personal finances, and then help model and instruct your children accordingly.
Thanks for coming by today,