Every parent wants only the best for their children. They want their kids to have a comfortable and secure life in the future. One of the ways to achieve security is through financial stability.
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kids and money
Many of our habits develop in childhood and therefore it makes sound sense to try and instill some good financial habits into our children at an early age, so that they are more financially prepared to cope when they become adults.
It often starts out with pocket money and if you have a few kids you will often notice that their different personalities include a varied attitude towards money, from spending without any concept of value to saving every bit of money they get, and everything between those two extremes.
Everyone has their opinion on what you should and shouldn’t share with your children about your family’s financial situation. Some say you should be really honest and if your family is struggling financially, then the kids should be made aware of it. Others say that you shouldn’t tell your kids anything at all as it’s not their problem.
I would venture to say that neither approach is healthy. If a child is in a family that is currently experiencing financial difficulties, it’s a good idea for them to be kept in the loop to a certain degree, but certainly not to the extent that they feel burdened and pressured to find a job to help support the family.
I can say this from experience. When I was growing up, my mother was a single parent for most of my formative years. We lived on an extremely tight budget, and while I was aware that things were tight, I was never led to believe that we were going to go hungry or become homeless. My mother never told me that we were in trouble, even if we might have been.
Children don’t automatically become expert financiers as soon as they learn to read and count; in fact, many children don’t learn the true value of a dollar until they’re out on their own. Learning money management skills early in life is extremely beneficial, as it teaches children from an early age how to be responsible with cash in their pockets. Games can help make the process both educational and fun, and these are some of the best games for teaching kids the value of a dollar.
Payday
This fun classic board game plays out on a format that’s designed to imitate a calendar. As the players move from start to finish, they encounter both gains and losses in their own personal finances. Kids might win the lottery or receive a work bonus on one turn, only to run into unexpected expenses moments later. This teaches kids to make smart decisions with their money and to plan for the uncertainty of the future; these skills will go a long way in their lives.
If you are a parent, you know that you want to provide for your kids and make sure they have everything that they need. Need is the key word here. Although you want your kids to be happy, it is important that you teach them some key things about their wants.
The first thing you must do is teach them that they can’t have everything they want, and below are three reasons why:
1. If you let them have everything they want, you are teaching them that in life you always get everything you want as soon as you want it. Obviously this cannot last forever. Once these kids grow up they are going to see that their every whim will not be satisfied, yet they will still expect this. The result will be unsatisfactory relationships and unrealistic expectations leading to a life full of disappointments and heartaches.