I am pleased to invite Vanessa Lang to guest post on Acting Balanced today:
Teaching Your Children About Money Matters
One of the most important lessons you can teach your children is how to properly manage their money. This has to start from the moment they learn to count. If they learn about money, the importance of saving, and how to spend wisely early in life, they will have a better chance of making the right financial decisions when they are older.
Teach by Example
As a parent, it is your responsibility to set a good example for your children because they are constantly watching you. If you make poor financial decisions, your children will make poor financial decisions as well. It’s as simple as that. If you are not already financial stable, it is time to start. Your children will see your efforts, realize how important financial stability is, and hopefully learn to make good financial decisions.
Start with Counting
As soon as your children learn to count, start teaching them how to count currency. You’d be surprised how much they can learn at a young age. Help them learn the names of each coin, and after a while, how much each coin is worth. It will take a lot of practice and patience, but you will be so proud when they can finally tell you how much money there is.
Teach During Playtime
Some of my favorite memories as a child are of me and my mother playing store, where I was the cashier and she was the shopper. I now realize that she wasn’t just trying to play along, she was also teaching me. Make learning fun while you are teaching them to count money, make change, and get the best deal for your money (even if it is play money).
Step Back and Let Them Learn
When your children are able to have an allowance and spend money on their own, it’s time to take a step back. You can’t protect them forever. Let them make their own mistakes. If they spend their entire allowance now instead of saving for something later, you can’t swoop in to buy the larger item they were upset about and save the day. They will soon learn what is important and how to save their money for those things.
Vanessa Lang is an author who writes guest posts on the topics of business, marketing, credit cards, and personal finance. Additionally, she works for a website that focuses on educating readers about payday loans.