Do your children ask for money every 5 minutes? I know it’s something everyone does at some point, but eventually your kids will need to grow up. They can’t keep asking you all the time. You don’t have a money tree in your back garden.
If they don’t learn the true value of money it could hurt them later in life. I think kids will have enough money problems when they grow up. Your children don’t need to be under extra pressure, so let’s look at how you can help them.
1. Building An Emergency Fund
Adults are finding out the hard way that an emergency fund is crucial. Your children should learn the lesson while they’re still young. You will need to put their money into a good savings account.
Show them their account details all the time and teach them about compound interest. Once they get older they’ll understand the importance of money and they’ll know what it takes to build an emergency fund.
2. Force Your Kids To Do Chores
You have to work if you want to increase your bank balance in the real world. Nobody walks around handing you cash. You have to get up early in the morning and only take a few weeks off every year.
People might sell on eBay or use a free bitcoin generator to make money, but the majority of us need to work. Don’t give your child pocket money unless they carry out certain chores around the house.
3. Make Them Pay For Day Trips
When you go on trips there are lots of activities that won’t cost any money. Ideally, your children will choose one of them. You can also do certain things that will cost a nice chunk of change.
Kids should get to experience anything safe enough, but it doesn’t mean you need to pay for it. Make them spend their own money. Hopefully they will realize it’s smarter to do something that’s free.
4. Working Harder To Get A Raise
Once kids start to get older they’ll need more money. If they’re too young to get a job you’ll still have to provide them with an allowance. Teach them about working harder if they want a raise.
Let them know the only way they’ll be able to earn more is by doing extra tasks. If they refuse don’t increase their pocket money. It won’t take them long to understand harder work equals more money.
5. Teach Them To Use Glass Jars
According to research, if you try to teach kids about money for an hour they’ll forget about it within months. They only way to ingrain something into their minds is to do it over the long term.
It’s pretty easy to do if you use glass jars, because your children will be able to see the money piling up. They’ll know how long it takes to save up for something, plus how quick it all disappears.
Lots Of People Are Going To Suffer
It’s harder to live a normal live these days. A full time income doesn’t guarantee you’ll be able to get a mortgage. It looks like it will be worse in the future, so make sure your kids don’t end up suffering.