Introduction
Of all the skills that Handy feels that you should talk to your kids about, money should be one of them. For some reason, schools don’t talk to kids about money anymore. There used to be a class that was called civics, but in recent years it has been replaced with other classes. So, it falls onto the parent to teach children about money. We are going to give you some tips on how and when you can talk to your kids about money.
Start Young
When you talk to your children about money from a young age, you will make them understand the value of it. There are so many people nowadays that do not teach their children about the value of money. This leads to them becoming massively in debt when they get older. It has long been a thing where we try to have the same things as other people, but we feel that needs to stop. Sadly, we are judged on our possessions. Teach your kids to live within their means and that it is nothing to be ashamed of.
Continue Talking
When it comes to talking to your children about money, it is not a one-time thing. Depending on their age, they may not quite understand. So, continue to talk to them about it until they do understand. One really good way to do this is by teaching them about the family budget. Show them how you need to sit down periodically and figure out what you can and cannot afford. Show them how you have to plan ahead and save money for the things that you need or want for the family. This should be a good enough way for them to understand.
Allowance
There has long been a debate on whether or not children should get an allowance for doing household chores. We are in favor of it for the simple reason that you will teach them how much work goes into earning money. When and if you decide to give them an allowance you should make sure they start paying for some things with it. We are not saying to charge your kids rent or for food, but we are saying that they need to pay for the things that they want. Do they want that shiny new gaming console? Make them save up and buy it. You can set aside that money for them at a later date, but for now, let them know how much work goes into saving money to buy something. There have been tales of people charging small amounts of money for food and board to their children. This allows them to teach them that they are going to have to pay for the essentials in life later on.
Conclusion
Handy hopes that this has helped you to break the ice with your children about money. No conversation that we ever have with children is easy. This is one of the more difficult talks that you will have to have with your children. Just get through it, and you will help them to be a better adult.
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