Now that my boys are old enough to understand the world
around them, I believe it is important for them to know all about money and how
to manage it. Whether it is them earning pocket money through chores or taking
their savings to buy toys at the school fair, my little ones sure know how to
ask for it.
So like most parents I took the internet in search of the
best advice and guides around money management for kids. I found some awesome
resources that I have used and or read, so I thought I would share them with
you below. Hopefully you will find these useful one dad:
I came across an infographic by Shepherds Friendly Society, a
UK friendly society and one of the oldest mutual insurers in the world. They
have created a wonderful and easy to follow infographic that breaks down into
lessons and how to teach it for different age brackets.
 |
| https://www.shepherdsfriendly.co.uk/your-resource-centre/how-to-teach-your-child-money-management |
I also came across a really useful 30 minutes video on The Rachel Cruze Show in which she breaks
down the process and reasons why it is important to have the discussion with
your kids about money.
If like me you like to get stuck in to a podcast whilst at
work or when relaxing at home, then I recommend a podcast by Dave Ramsey, a US finance author that discusses real life money issues and how people can revolve their money problems. You can listen to the 40 minute podcast for free on Google on the following link here.
So from watching, reading and listening to the above advice,
I have put together a list of top ten tips you should be following, discussing
or introducing:
1.
Examine your own attitudes about money.
2.
Give your child an allowance and let them make
their own spending choices with it.
3.
Expect your child to help with family chores.
4.
Provide extra income opportunities.
5.
Teach your child to save regularly.
6.
Help your child discover the satisfaction of
sharing.
7.
Show your child how to be a wise consumer.
8.
Teach your child a healthy attitude towards
credit.
9.
Teach your child the value of wise investments.
1.
Involve your child in family financial planning.
I went away and talked to my five year old about money and
from that conversation here are the three things my little one asked me;
1.
Why don’t you have loads and loads of money?
2.
Why do you have money on your card?
3.
Can we see how much money you have spent?
Whilst they don’t strike at the heart of money management I think
it was nice that he had questions and that I was able to talk to him about it
and for him to be interested about it.
Thanks for reading, please do let me know if you have had
any experience of dealing with this and I would love add it to the article.
*This post was written in collaboration with a third party, the words expressed are my own"
*This post was written in collaboration with a third party, the words expressed are my own"
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