Money Sense

Teach your children
well

A little one behaves in ways which reflect on what those parents have taught him. Their beliefs, their morals, their manners are reflected in their child. Money sense is also something your child learns from you. In this, my last blog for 2018, there are 8 tips on money matters.

teach them well
money, what’s that???

1: When is the best time to start giving your child an allowance?

When your child gets to the stage where he asks you to go to the shops to buy
some toy or other item he or she may fancy.

2: How much should the allowance be?

Giving too little would put your child in an awkward position among his
peers. Giving too much,
however, is
not good either! You have to strike a balance between too little and too much.

3: Earn your money before you spend it!

This is a good motto, and well worth passing on to your child. Helping around
the house should be the norm as should performing to the best of their ability
at school. You shouldn’t include these as criteria to earn an allowance.

4: Legal age for employment

16 years of age is generally the legal age for employment. Once your child is
about 13 years old, you can encourage him to think of different ways to earn an
income. Offer to wash his neighbour’s car, or mow his lawn for a small amount
are just two
ideas.

5: Piggy banks

If your child has a piggy bank then you should think about a rule that he can
take out only 50% of the money to buy something. This encourages him to save.

6: Guide, don’t dictate

It is your job to guide and advise
your kids on financial matters but be careful of becoming a dictator! Children
learn from their mistakes and you have to remember that they have a right to
make mistakes!

7: The bank of Mom and Dad

At some point you have to tell your child that the bank of Mom and Dad is not
infinite and has become closed. It is now time they earn their own way in the
world!

8: A gift for your child

Your own financial independence is the greatest gift a parent can give a child.
Especially after retirement. As a parent, you shouldn’t expect your child to
support you in your old age!

Conclusion

These 8 tips are just the
tip of the iceberg! We can teach our children to become financially savvy adults. For
instance, you can teach them about stocks and shares. Or how to invest the
money they earn wisely, .
You can show them the wisdom of investing in retirement plans, insurance
policies and so on.

It is never too soon to start teaching your
children well. To see your children flying free once they have reached
adulthood is a real joy.

May all my readers have a wonderful New Year and
enjoy the teaching of their children! It is an awesome responsibility with
great rewards for both you and your child!

Yours in lifestyle newborn photography

Lydia

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