Why it’s a good thing to teach your children financial control
Most children suddenly move from the protective environment of their parent’s home to independence. Unfortunately, schools fall far too short in the area of financial planning for children and the cultivation of entrepreneurship.
Parents really want to give their children the best possible school and university education. It is essential. But it is important to teach your children from a young age to work with money and to foster entrepreneurship within them.
In order to teach your children to work with money, you can teach them to spend their pocket money according to a budget, and you can reward them for extra chores. In this way, your children will learn that people must work for their money.
Teach your children financial control
The best place where children can learn to balance their budgets is with you, in their parent’s home. By teaching children to have the ability to work with money, you are not only promoting independence, but you are also developing their planning skills and self – discipline. One of the essential skill in life is to manage every penny you have.
Our children, don’t have a clue how much salary we earn from our jobs. All what they know is that we’re working and we can provide them with anything, they want. Most importantly they expect us to just give them any amount they need.
What we don’t teach them is spending plan. That’s where we fail. We need to teach them how to go about spending pocket money or allowances, what to buy, what not to buy. In that way you teach them how to use money and build financial skills.
This kind of training will not only benefit your child, but it will assist you as well to manage your finances. It part of your income or business expenses. Giving your children money doesn’t end there, you need to monitor how they spend it, what kind of goodies they buy, how long those items lasts, before they buy again.
Most importantly teaching them how money works, not only train them financial control but building and managing a business of their own
Children, schoolwork and security
We mentioned above, that children enjoy their business ventures. Primarily they must still be children and play. Children can easily fall under stress over a problem, and when this arises they must feel free to consult you. A delicate balance is required between the early development of their entrepreneurship and their own stage of development. Your vigilant eye is essential here.
Teach children to give
Children learn their future charitable donations from your actions. If you never give, your child will also one day never give. Therefore It’s important to teach your children to give. But, don’t teach them to give handouts, because possibilities are that they will in future become lazy & expect to receive back what they invested from charity organizations.
It’s important to tech them why it is a right thing to do, how can they spend money donating. As an alternative, you can teach them to donate old/second hand clothes to old age homes. That will teach them social skills to care for the elderly
Set the example with good financial control, and your children will become financially independent