4 Ways To Teach Your Children How To Be Financially Responsible
Today’s kids, including yours and mine, have it easy and we all know it! Back in the day, you’d have to work very hard, what with those summer and part time jobs. Children today roam around easily with their smartphones, iPods, tablets and other gadgets, and expect to be spoon fed. You’ve probably noticed that in your children too. I have that happening every day in my house. An that is how I came up with this article
There is a growing concern that just getting a college degree is not enough and there is a need to gain real life experience. They can learn from their parents or by observing their surroundings. Many of the youth don’t know the value of time or getting a job done before the end of the day So how can you get your children to pull up their socks and get some hands down experience on working? Believe me I also have an challenge and every day is learning for me.
Make them Earn Their Own Money
The best way is to get your children working (provided they are an workable age), whether it is a summer job or a part time one, This makes them understand that there is work involved in getting money. Also teach them responsibility and not just get up and go to work. You may want your children to work in something they are interested in. Perhaps your child likes writing, so an internship at a magazine can help or perhaps your child likes organising events, so an event management firm would be the place.
Not only would this boost the interest of your children, but also help to get in touch with the ground situation of the industry and also meet new people.
Set them an Chequing/Savings account
Open up an chequing account for them where they can deposit their income. Teach them to set aside an small amount aside from the amount they get. I generally allow my daughter to spend the major portion of that money on her selves. You can have an limit if you decide
Get into habit of dicussing Finances with them
The best way to discuss finances with them is to play games. Games teach us also lot of things. It might be difficult to get them play but there is no harm in trying. Cash flow game is an good game for them to understand the banking and the investing system.
Encourage them to Contribute to the Family
Now that your children are earning, it’s time that they start contributing to the family. This is one way to get used to the idea of paying taxes and supporting the family. There are different ways in which you can get your children to do this. Let them be the ones who purchase the grocery. At other times, when they borrow the car, let them fill up on fuel, or let them handle the home electricity bill.
In the end, just guide your children to be responsible with their family, job and money. If they’re still studying, it’s important that they balance work and studies and don’t let their grades fall. Give them responsibility and they will pull up their socks.