Most of us grew up witnessing our parents slog, scratch and claw every day at work just to make ends meet, and still have the strength to be the best parent that they can be. What comes along with that parenting are the long pep talks about how hard life is and other shenanigans about life which include the value of money.
Those pep talks do translate into adulthood as seen as Millennials now face the trials and tribulations of adulthood. Some of us, who have now become parents to the next generation face such a challenge of teaching our children the value of money. However, like parenting, teaching the value of money the same way as our parents did would not work as effectively. Here’s how you should be teaching your children the value of money.
Provide your child with a fixed allowance. The idea here is to foster budgeting skills – how a child would manage their money throughout a period of time.
It is important to do it in stages. Begin daily pocket money to school before progressing into the weekly followed but monthly, just so your child will get used to the idea of managing their money in a short period of time before trying to manage for a longer duration.
This is also an independent way for children to rationalise before spending and not give in to impulse buying which would benefit them during their adulthood.
2. Reward system
Some lessons are best taught sooner than later, so why wait until your child heads into the working world for them to learn such values when it could be learnt now. Teach them the relation between performance and reward, where you must achieve certain goals before being able to reap the rewards for their achievements.
Set goals for them a duration to achieve them, anything that could lead to a desired behaviour or results. By the end of it, sit down with your child and review their performance. It may sound like a rigid way of educating your child but it will pay off in the long run.
3. Purchasing decision
When your child becomes a little older, allow them to make purchasing decisions on their own. This would provide a good indication on whether they have matured in their budgeting or may still require some supervision.
4. Lead by example
Children tend to take of their parents – picking up their behaviours and antics, some of which go unnoticed as they have become so habitual to us. Hence why it is very important that parents set a good example to their children when it comes to financial management.
Practice what we preach! Whenever they accompany you on a supermarket trip, show them the difference they need and wants through the groceries you purchase. More importantly, explain to them why such a decision was made.
It is important to be frugal with your money. Spend it wisely especially when you must purchase them frequently – like groceries, and with HappyFresh, we allow you to save your cash with loads of promos every month. What’s more, we deliver them to your doorstep on the same day.
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