Children often have a strong influence from the behavior and attitudes of parents with everything in life , and issues related to money is no exception .
Here are 5 tips to help parents become financially example for children:
1 . Be honest about your financial situation
Although children always enjoy the sweet , parents should not ” paint ” on the financial situation of the family in front of them . “Teach children about money from objective reality ,” according to Steve Siebold ( author of the book ” The rich think how” ) .
Instead of trying to hide the situation of children in the family budget , let them participate in the decision-making process about when to save and when to use the money.
2 . Give your child the opportunity to reach the actual
Parents teach children about money as soon as possible . Andrew Wang and his wife introduced this subject to their children as soon as they start making the request. ” We encourage the kids are still attending preschool is our exposure to cash , identification of different denominations , play and count money ,” Wang said .
From teaching the baby how to count the coins in the piggy bank savings to how to balance an account , children begin to learn how to control their finances , which will help them confidently than with the use of a reasonable amount .
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Parents should set an example to their children about financial follow
3 . Emphasizing the importance of making money
Many parents try to teach their children that they are new efforts to make money . Typically , parents deal with their children that if they have to do some work home, will receive a certain amount of money . But doing so will cause children to form the habit of doing something only if paid .
Eric Erickson , the father of four boys shared his experience : ” These kids do not need an account to receive any money , but we still do a few little things to help a neighbor or jobs with low wages , ” Erickson said . ” From the two oldest children have their own vehicles , they are responsible for paying the gas and maintenance expenses . Thing that helps us realize that we have to budget , and if you use too many cars , they will cost much to refuel . ”
4 . Having a healthy relationship with money
Children often capture the attitudes and behavior faster than what most people think . If parents often frown when you receive your credit card bill or grumble when to withdraw money from the wallet to pay for an expense , they can begin to think of money as something very unpleasant and sprinkle disorders .
Chris Miles , founder of financial advisory firm said MoneyRipples.com should have positive conversations about money . ” My experience shows that when parents mention money as if they never have enough or something really bad , these kids will grow up and hate money fighting it in our lifetime ” , he said .
Miles adds , ” The first thing I do every day is to avoid using phrases like ‘ We can not pay ‘ or ‘ We do not have enough money ‘ , and instead use the more honest to say , such ‘ it’s not our priority now ‘ or ‘ I think it’s not worth it? ‘ or ‘ what should we do in order to have enough money to buy them , right ? ‘ .
5 . Do not do it alone
Teach your children good habits can be a financial challenge , it usually requires more time and effort . Besides being a role model for children , parents should give children exposure to those who have the financial ability to better control , it will help them as adults .