Lessons To Teach Our Children On Money
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During a child's early age, they like to observe and emulate or copy the things that adults around them do especially people that they trust like their parents and elder siblings. Since this is their developmental stage, they will easily learn, absorb and adapt some traits from these people so the earlier we instill certain money values in our children, the higher are the chances that they will adapt them in their adulthood.
It's imperative to teach our children early how to make money in the easiest ways possible like making and selling lemonade to neighbors, how to spend wisely and most importantly how to save and embrace the culture of saving and investing for the future.
At early ages, parents need to teach their children that they have to be patient to get what they want for instance when you walk into a shopping mall and they want a doll or a car and you hadn't planned or budgeted for it, its okay to let them know that you didn't go to the mall to buy that. This let's them learn that going to the mall doesn't necessarily mean that they will get what they see and want.
At their mid ages just before teenage, parents need to teach them that they need to make choices on how to spend money. Its imperative to make them understand that money will not always be available and that when they have, the more they spend, then the little they will have left. Encourage them to make decisions to spend on the most important things that they need and not want and to avoid impulse buying at all cost.
At the teenage AGR, encourage your children to have foresight in terms of saving for long-term for instance if they want a smartphone, they can save up part of their pocket money until they finish high school and will be able to purchase one.
This stage is very important and will shape and influence a child's future saving and decision making choices. Money is a sensitive issue that many people struggle with depending on the choices they make pertaining money, so again, the earlier we teach our children about money, the better it will be for them in future. Good luck.