It is important to teach your children the importance of saving money and how to do it effectively. It’s a scary thought to imagine that you won’t be around one day to help them but you can have peace of mind knowing you taught them useful money tips.
It’s important to start teaching your kids from a young age the difference between money they can use and money they can save. Buy a piggy bank and give your child a certain amount weekly. From that money, they should put a small amount in their piggy bank for saving and give the rest to you to buy something they like.
Have the conversation
As much as you want to shield your kids from your financial state, sometimes the only way they can learn is by hearing real-life situations. They don’t need to know who you owe or how much but giving them a bit of insight will help them to understand better.
Get them involved in the budget planning
Budget planning becomes very useful when you involve members of the family to contribute. To help the little one’s understand, ask them where they want to go this month and minus the amount that would cost you from the budget you planned to keep aside to buy them sweets/yummy goods. This will help them understand the value of money and sacrifice.