Get your children talking and thinking about money by engaging with them on a regular basis around everyday activities
“When I was young, I thought that money was the most important thing in life; now that I am old, I know that it is” Oscar Wilde
It’s no secret that good and bad habits are developed from an early age. Be wise and teach your children about money now, in order to positively impact the financial decisions they will make later as an adult.
Think about where you can teach them in everyday scenarios, such as:
When they ask you to buy something: Talk about the real source of money that enabled you to buy that present.
When you’re withdrawing cash: Explain how your money got there, why you need a certain amount or how your balance goes down because of it.
When you’re out shopping: Discuss why prices vary or how to compare for the best discount.
When you’ve received a bill: Explain why you have to pay bills and the consequences of not paying or paying late.
When you’re creating or adjusting a budget: In a simple way, illustrate how you arrange your budget or accounts to pay for bills and everyday expenses, how you save and how you leave money left over for the fun stuff like holidays or going to the movies.
Children have curious minds, so fill them full with smart financial behaviours and motivations during their formative years. Make your approach fun and interesting, and this will give them the confidence with money later, when they will really need it.