Teaching your children financial literacy

Teaching your children financial literacy

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Growing up my financial habits were not the best…and it affected me well into adulthood. I wasn’tย the best saver, investor or budget maker. As I make amends I’m also trying to teach my children to be sensible about their finances. Here are a few things I and some of my friends are doing and I think they will help your children as well.

๐—˜๐—ฑ๐˜‚๐—ฐ๐—ฎ๐˜๐—ฒ ๐˜๐—ต๐—ฒ๐—บ: let them know that diligent work earns money. Like we often say “Money doesn’t grow on trees.

๐—˜๐—ป๐—ฐ๐—ผ๐˜‚๐—ฟ๐—ฎ๐—ด๐—ฒ ๐˜๐—ต๐—ฒ๐—ถ๐—ฟ ๐—ฒ๐—ป๐˜๐—ฟ๐—ฒ๐—ฝ๐—ฟ๐—ฒ๐—ป๐—ฒ๐˜‚๐—ฟ๐—ถ๐—ฎ๐—น ๐˜€๐—ฝ๐—ถ๐—ฟ๐—ถ๐˜: Discuss business ideas and encourage them to make money.

๐—›๐—ฎ๐˜ƒ๐—ฒ ๐—ฎ ๐˜€๐—ฝ๐—ฒ๐—ฐ๐—ถ๐—ฎ๐—น ๐—ฐ๐—ฎ๐˜๐—ฒ๐—ด๐—ผ๐—ฟ๐˜† ๐—ผ๐—ณ โ€˜๐—ฝ๐—ฎ๐—ถ๐—ฑ ๐—ฐ๐—ต๐—ผ๐—ฟ๐—ฒ๐˜€โ€™ : Now generally I don’t think its a good idea to pay your children to do chores as they should contribute their own quota to the household. However, you may decide to assign chores for which they can earn extra cash or a non monetary reward. Work more…earn more.

๐—š๐—ถ๐˜ƒ๐—ฒ ๐˜๐—ต๐—ฒ๐—บ ๐—ฎ๐—ป ๐—ฎ๐—น๐—น๐—ผ๐˜„๐—ฎ๐—ป๐—ฐ๐—ฒ: Many times we don’t give our children an allowance till they go off to Uni. From my experience it’s a bad idea. Giving them an allowance early will teach them about money management and prioritizing their expenses.

๐—ง๐—ฒ๐—ฎ๐—ฐ๐—ต ๐˜๐—ต๐—ฒ๐—บ ๐—ฑ๐—ฒ๐—น๐—ฎ๐˜†๐—ฒ๐—ฑ ๐—ด๐—ฟ๐—ฎ๐˜๐—ถ๐—ณ๐—ถ๐—ฐ๐—ฎ๐˜๐—ถ๐—ผ๐—ป: Many times we want to give them what they want NOW! When appropriate teaching them to wait can give the purchase more significance. This is a very useful skill that reduces impulse buying.

๐—ง๐—ฒ๐—ฎ๐—ฐ๐—ต ๐˜๐—ต๐—ฒ๐—บ ๐˜๐—ผ ๐—ฏ๐˜‚๐—ฑ๐—ด๐—ฒ๐˜ ๐—ฎ๐—ป๐—ฑ ๐˜€๐—ฝ๐—ฒ๐—ป๐—ฑ ๐˜„๐—ถ๐˜€๐—ฒ๐—น๐˜†: Every Naira, Dollar or Pound they have more be assigned. A portion should be assigned for saving , another portion for wants and another for needs. They should also know the difference between wants and needs.

๐—ง๐—ฒ๐—ฎ๐—ฐ๐—ต ๐˜๐—ต๐—ฒ๐—บ ๐—ฝ๐—ฟ๐—ถ๐—ฐ๐—ฒ ๐—ฐ๐—ผ๐—บ๐—ฝ๐—ฎ๐—ฟ๐—ถ๐˜€๐—ผ๐—ป: When you go shopping let them understand why a particular brand is better value or why you prefer the more expensive or cheaper item.

๐—ง๐—ฒ๐—ฎ๐—ฐ๐—ต ๐˜๐—ต๐—ฒ๐—บ ๐˜๐—ผ ๐˜€๐—ฒ๐˜ ๐—ณ๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ถ๐—ฎ๐—น ๐—ด๐—ผ๐—ฎ๐—น๐˜€: If it’s important to them then they should save towards it and get it themselves or contribute towards purchasing it.

Are you good with moneyย ย what has helped you? Are you teaching your children to be money smart?

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Chiomah

Hi my name is Chiomah - I am a lawyer by day, freelance content writer by night and a mum round the clock. I love God, love my husband , love my children, love people and enjoy counselling young women (and men) on a whole range of issues. This blog is a journal of my thoughts, inspirations and experiences over the years. I write about parenting,ย  relationships, people, food and more. Leave a comment and thanks for dropping by!

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