It’s your responsibility as parent to teach your children money management and responsibility; you certainly don’t want them to learn it the hard way through their own life experiences.
So, teach your children the following starting at an early age:
Counting money
At age 4 to 5, teach your children to count coins. Kids love coins. Make them count and put them in their piggy banks. Also, teach them to recognize different dollar notes.
Money and daily chores
At age 6 to 7, give your children simple daily chores at home, and then reward them with money or allowance. Let them put their money in boxes labeled “saving”, “spending”, and “loving.”
If they want to buy something at a store, let them look at their money in the “spending” box to see if there’s sufficient money. If they wish to buy a gift for Mom’s or Dad’s birthday, let them go to the “loving” box to get the money.
You’re in fact teaching your children to earn, to save, to spend, as well as to love.
Different types of spending
Around age 10, introduce your children to different types of spending, such as buying goods or getting services done, buying due to needs versus wants, and buying with short-term goals versus long-term ones.
It’s your responsibility as parent to teach your children money management and responsibility; you certainly don’t want them to learn it the hard way through their own life experiences.
So, teach your children the following starting at an early age:
Counting money
At age 4 to 5, teach your children to count coins. Kids love coins. Make them count and put them in their piggy banks. Also, teach them to recognize different dollar notes.
Money and daily chores
At age 6 to 7, give your children simple daily chores at home, and then reward them with money or allowance. Let them put their money in boxes labeled “saving”, “spending”, and “loving.”
If they want to buy something at a store, let them look at their money in the “spending” box to see if there’s sufficient money. If they wish to buy a gift for Mom’s or Dad’s birthday, let them go to the “loving” box to get the money.
You’re in fact teaching your children to earn, to save, to spend, as well as to love.
Different types of spending
Around age 10, introduce your children to different types of spending, such as buying goods or getting services done, buying due to needs versus wants, and buying with short-term goals versus long-term ones.
At age 15 to 18, prepare your teenagers for the real world of money. Teach them the concept of credit, including credit cards, credit score, as well as car loans, and student loans.
The reality
Growing up defines not only the kind of persons your children will become, but also shapes their destinies and steers them along their future life journeys.
Build a good foundation for financial literacy for your children, giving them the money wisdom to survive in a world of both abundance and lack. Teach them their own accountability to whatever they’re going to do with their money as they grow up.
Stephen Lau
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by Stephen Lau
“GETTING MARRIED TO MAKE YOU HAPPY?”
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here to get your copy.
Build a good foundation for financial literacy for your children,
giving them the money wisdom to survive in a world of both abundance and lack.
Teach them their own accountability to whatever they’re going to do with their
money as they grow up.
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