A lot of us parents would love to give our kids a sound financial education, sadly we are caught in in everyday life and before we know it, these kids are adults with no thoughts or knowledge of how to take a dime and make it grow.
The money saving tips we give these kids doesn’t have to be formal, done within the confines of a classroom, we can drop a word here, a sentence there, or make them witness a good financial decision we took. We also can start with little financial tips and increase this as they grow.
So if you would like to educate your kids financially, here are some money tips you could start with.
- Teach them that money makes for a bad master, but can be a good servant.
- Teach them that money saved today is money that grows tomorrow. Let them cultivate the habit of saving from an early age.
- Teach them to delay gratification and to save for their goals instead.
- Teach them to respect money and to know that it doesn’t just grow on trees; it is earned.
- Teach them the value of time, services, and money. Let them come to understand these concepts, even if you have to show them the most basic of all three. Let them learn to earn at an early age, but only if they want to and nothing too tasking.
- Teach them never to feel any guilt when they spend money they worked for on what’s important to them.
- Teach them the habit of investing and to know that this is the best way of multiplying your money.
- Teach them to cultivate the habit of spending less than they earn as this will prevent them living from paycheck to paycheck.
- Teach them to diversify when they invest to reduce risks.
While these money saving tips may seem simple, they are more than adequate to financially these kids for the future.