Learning to handle money is an important skill for all children to learn!
Money can be a powerful tool or a unforgiving task master. You can help your children avoid the pitfalls of debt and open doors of opportunity to them by teaching them the basics of how money works and what it can do for them if handled properly. Wise choices will help them feel peace and contentment as they learn to live within their means to achieve their goals.
Some simple concepts and skills form the foundation for a healthy relationship with money.
- A basic understanding of how money works
- The relationship between work and earning
- Debt and how interest is calculated
- How to plan using a budget
- Why a reserve is important
- How education can improve your earning power
Teach your children to take responsibility for themselves. Allow them to experience the consequences of their financial decisions while they are younger and the consequences are smaller.
Children who are self-sustaining in any aspect of life will gain confidence and be more likely to aquire other skills that will add to their abilities to take care of themselves and provide for their families in the future.
Teach them as they earn to be generous and share with others less fortunate than they are.