“We begin to imprint our childrens prosperity programs from the day they are born” – Ellen Rogin (TEDx Talks)
Most of us try to teach our kids about being smart with money maybe through allowance & helping them save. You are doing the right thing because these financial lessons are necessary but what we are missing is – The opportunity to truly cultivate those skills to help kids have a healthy relationship with money.
Finance lessons for your kids should be started at an early age.
The concept and value of money
How to save – Introduce a piggy bank for them at an early age.
How to budget – Create a family budget & involve them in the process.
Relationship between Hard work & Money
Another way is through house chores – So instead of just giving them an allowance or pocket money make them work for it.Teach them to work hard through house chores and reward your kids for their hard work.
Let them know in order to buy a toy they need to save money & the amount of money they need to save can be equal to the amount of house chores they do.
For eg : To buy a toy car is equal to watering the plants for 7 days every morning & evening.
Also, teach them the importance of giving – give to charity & the less privileged.
Start nurturing & develop their gifts
Teach them the value of hard work and also the value of paying taxes. Yes tax for kids – Ask them 30% of their ice cream or treats. It is weird and funny but trust me it will help them a lot when they come of age. They will definitely have a better understanding on taxes than most of the millennial’s these days.