Money Matters – Tips when teaching kids about money

One unavoidable fact of life is that you are your child’s financial role model.

This can be challenging for some of us who were not taught about money in our upbringing. However, the good news is that it is never too late to start. Begin by examining your current relationship or behaviour when it comes to money. Eliminate negative habits. Below are some of the tips or ideas you can explore.
Talk to kids about money – Some parents struggle to have talks with children about money. One hin-drance might be that your parents did not teach you either. Normalise having daily conversations with them about money.
Involve them in drafting a budget, going to the bank, or withdrawing cash at an ATM.
Encourage kids to save money – Inspire children to save a portion of their money before spending it. Over time, this will become a habit and a part of their life.
Incentivise going the extra mile – You could pay kids for going above and beyond in their usual house chores. For example, instead of just washing the dishes, they can mop the kitchen too. Paying them for these additional chores helps them appreciate the value of money while instilling the attribute of going above and beyond the scope of work.
Educating kids about money is crucial in helping them develop strong financial habits. They will become responsible adults.
– Sibusiso is a professional in the financial services sector in Carletonville.

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