How To Teach Your Children About Money
Teaching your children financial lessons as soon as possible is important when growing up in this world. If you want your children to have skills and great money management in the future, you need to try and drill it in before it is too late. So why not begin the journey to teach your children about money now, no matter what age they are. Although it seems easy to say, is it as easy to do? Probably not, so we are here to help you along the way!
What age should I start teaching my child about money?
This is a personal question depending on the parents and the child. Some families worry that teaching their children to early is an issue as they do not want them to face adult pressures. But, there is no set date in your child’s life where they need to begin learning about finances as everything grows and learns at different paces. With this being said, we advise that you try and begin the teaching as soon as you can. This could be letting them watch some finance-related kids videos online or letting them see notes and coins, this way they will grow to know money has always been a part of their daily life.
At a young age, there is not much your child will learn about finance, although they will be able to identify things like a coin a card, and a note. As they get older and they see the items around them constantly they will probably start to ask questions and develop more knowledge.
When should I start letting my child use money?
The question of ‘when’ is something which parents all around the globe are constantly trying to get a better understanding of. Is it too early? Should I have begun a few years ago? Am I too late? Are all questions which may flow through your mind at some point. But, there is no set time or date. It is whenever you feel your child is ready. Listed below we have an example time scale of what parents typically might do, the information is sourced from Parents.com.
3 | Work on patience.
4 | Go over counting.
5 | Associate ‘NO’ with spending.
6 | Start giving an allowance.
7 | ‘What do you want to be when you grow up?’
Following this, your child will adopt a better understanding of money allowing you to grasp a better idea of where to go from there on in terms of teaching them new skills and increasing their allowance.
Why should I start letting my child use money?
Again, this is another personal question as some parents allow their children to spend money from a young age by maybe buying toys or snacks. Whereas others will not let their children spend money until they are 18. If you feel as though your child would benefit from spending and actively using the money, you could slowly ease them into the world of finance. Whether this just is letting them use your money to pay over the counter (with you) or even let them do it all themselves. Giving your child an allowance every week also shows them the value of money and allows them to understand you may have to save up for that special thing you are wanting.
Can I still teach my children if my money management is bad?
The simple answer is yes. Although it may be a little bit more difficult for you, you will be able to learn new things whilst teaching them. This way you are also getting better knowledge, just like they are. There are plenty of resources on our website, and all over the Internet in general which can help you understand more about money and finances. If you find yourself faced with an emergency but cannot afford the bill, here at LoanPigUSA we can help connect you to a lender in your loan. Although we do not advise taking out a loan, you may learn more about budgeting and management with bills being paid out.