Today I have a guest post from Jenna for you all. I have all this to look forward to with Jack!
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Valuable Money Lessons You Should Be Teaching Your Children
If you’re a parent who has suffered from financial problems but don’t want your kids to do so, start giving them lessons about money. There are some important lessons - which you wish you were taught when you were of their age - kids need to learn. These lessons will play an important role in the future of your children, and save them from time and trouble spent in dealing with financial problems.
Here are some lessons about money you should be teaching your kids
1. Tell them work leads to money, and it doesn’t grow on trees
Set a monthly allowance for your children and tell them what things they should consider as expenditures. However, don’t go the old-fashioned way and relate their allowance to the household chores they do; this will only lead them to think they should be paid to contribute or help out.
Rather, explain to them that they’re getting an allowance because they need to learn about the value of money.
2. Educate them on coupons
It’s a good idea to teach kids about coupons while they’re still young. Teach them what coupons can do for them. If you need to get a part for your vehicle and are currently looking for JC Whitney coupons and promos from car auto part dealers, involve your kids in the search so they can know how it’s done.
If your kids are a bit old, you can also give them a task of searching for coupons themselves. Apart from newspapers, show them the websites that inform about Etsy coupons and others, and bookmark few of them so they can visit those websites frequently, which will also help them to learn how coupon searching tools and sites work.
3. Hard work is what pays
Tell your kids stories about your job, and if possible, take them to the work place so they can see the environment and get a real idea of what you do. You can also tell them about jobs that you did while growing up, and what was your income at that time.
Tell them that those who work hard, with dedication, and are punctual in time go on to get promoted to better positions and earn a higher income. Be honest that jobs aren’t all enjoyable, but being financially independent and working hard to earn praise and promotion leads to job satisfaction.
4. Tell them the difference between needs and wants
Young kids can understand the difference between things that are necessary such as general clothing, food and shelter and things that are luxuries such as branded clothes, restaurant foods and video games.
When going to buy groceries, take your kids along. Involve them when creating the shopping list and make sure that you only buy things that were mentioned on the list, so they can learn how to prevent impulse buying.
5. Tell them what money can do for others
You may not be aware, but families that fall in the low income group contribute more towards charity than families in the high income group. The possible reason is they understand what needs are and what luxuries are.
Your kids, just as they can learn to save a part of their allowance, can also learn what money can do for others by giving out to charity. They’ll know it can be a life-saver for those in needs.
*Consideration was received for the editing and publishing of the post.
