Some parents don’t agree that this is the time to teach our youngsters about money. Their young minds could not comprehend the lessons. But this is not always true. There is a good way to teach them these lessons now. Here are 7 easy steps to do that.
1. Your children should first know the principles about money at home. That being said, you have to have a new mind. Get out of the usual thinking that talking about money is a taboo.
2. Set aside your doubts and fears. They can hold you back. You don’t need to be a financial guru to be able to teach your children about money. They need to know just the basics: saving, investing, earning, financial goals and giving back.
3. Gradually increase the levels of learning as your kids age. Make use of simple things that happen every day as object lessons. Remember that your children learn from you. Once you buy something, you are sending them a valuable lesson.
4. Use your creativity to take the stress out of money matters. Decorate their piggy bank. Create a colorful progress chart to track how your kids are improving. You can start the conversations with your children through these items.
5. Be structured with your money lessons. This will assure you of a progressive lesson. You can also plan how the levels of difficulty should increase over time.
6. As much as possible, be visual with your lessons. For instance, it might help if you would separate the savings according to goals. Separating different funds is a very helpful visual tool.
7. There is no such thing as perfect plan. Be prepared to change course. The most important thing for you now is to begin somewhere.