5 Tips on Money Habits That Help Your Kids Be Financial Success

An apple will not fall far from the apple tree.  How we handle money influence the way our children will too and its never too early to get children involved in money management.   Because if we are not teaching them, who else is going to do that.  In school, they are not taught anything about be more responsible in managing money.

Here are 5 smart money habits

1. Be open about money
We parent are influence on their financial habits and financial future that is why we need to lead by example to be financially responsible ourselves. Let them get involved on financial matter in the family. For example, budget is tight this year and its holiday time, get the children to understand the situation and tell them they too can help to reduce the financial burden.
Educate them how much things around the house cost for example using the hot water would be costly than using the cold water. Show the water and electricity bill and let them know how the could help save money on that area. For example, tell them to switch off the light when not in use. This could save you from being over stress as well as teaches them a long life lesson.

2. Make them earn an allowance
Instead of giving them daily allowance, give it to them by weekly or monthly. That teaches them the important of discipline, self control and patient to make the money last for a while. This help to teach them to use the money wisely.

3. Show them how to share, save, spend and invest early
Instill early the value of saving in the children and get them involved in the process. Teach them to not spend money and encourage put portion of money to long-term goal for education or emergency fund. Show them how much is the dividend at the end of a period of time to motivate them to save more.

4. Encourage them to get a part-time job
As simple as babysit for neighbor children or ask them to wash the car or even pay them when they get good marks in exams. This help them realize that every bit of the money is earned from hours of working and they learn to appreciate it and that is going to motivate them to work for better education.

5. Inspire them to give to causes
Encourage to give to charity to help other people. If they loves animals, find animal rescue shelter where they can volunteer. This teaches them in giving, donating or raising money for others not just for they themselves only. It also help teach them to humble and be grateful for what they got.

Since we have this awareness about the importance of exposing our children to financial management, its not too late to start that and i believe they will thank us later. I hope our children be a lender not a borrower. For a borrower is like a ‘slave’ to the lender

Love,
Simply Remedies

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