06 Mar

How to give your children a bright financial future

Teaching children the value of money early in life is a great way to start your child off on the right foot and on track to have bright financial future. Children are not born with finance skills, in fact, many young children think that money comes out of a magic hole in the wall and they have little understanding of the value of money.

Below we share five tips to get your child off to a good financial start;

Teach them young
Children are never too young to start learning about money. By introducing them to financial concepts early it will give them a better understanding as they grow up about money. A good place to start is explaining where money comes from; not the automatic teller machine, but from working hard.

Needs v Wants
It is important to teach children from an early age the difference between needs and wants and encourage them to think about this before spending.

Give them an allowance
Giving your child an allowance in exchange for completing chores around the house is a great way to help them better understand the value of money.

Teach them to budget
Budgeting is one of the best skills a child can learn which they can continue to use throughout their lives. Help them to develop a simple visual budget that shows them what they are saving for and how long it will take them to reach their goal.

Set a good example
Children are like sponges, they learn from our behaviour so it is important to set a good example. By demonstrating good financial choices to our children, such as saving and budgeting and by getting them involved in financial decisions the more they will learn.

However you decide to teach your children about the fundamentals of finance remember that they will learn through experience, so it is important to give them the experiences for them to learn from.

Last modified on Monday, 06 March 2017 16:28

Marissa
Schulze

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