A simple life gives everything…
Adults at home should teach children about financial management. ‘The children themselves! Don’t think about what they will understand, but respect them and teach them about money. In particular, children should be taught experientially that a simple life can be lived with minimum preferences. Children raised that way will do better financially.
Those who follow a simple life are always successful. It is they who are admired by others. No one appreciates anyone for living a life of luxury. They have proven empirically that simple life brings happiness and peace of mind. If we set an example, our children will be financially sound too.
Setting financial priorities…
It is the duty of good parents to inculcate in our children that ‘the basic needs of life like food, clothing and shelter are more essential than the luxuries and fashionable needs’. From cradle to crematorium. Therefore, it is better to instill good financial habits at an early age.
You can start by teaching children to develop financial priorities and budget according to their age.
We can teach our children to budget easily by developing the habit of budgeting and parents should also budget together with them.
Parents working together with their children in this way really makes them happy and they learn about finances easily.
Depends on the target…
Get them to add money to buy small things like going to the movies, buying pizza, buying a Barbie doll. For this, you should get used to adding money little by little to your bank account over a period of time.
Then, when planning for children’s higher education, marriage, buying their own house, buying a car, buying new furniture, and investing money for that, children should be involved in the process. This habit will help them continue when they start a family of their own.