Go Henry – Teach Your Kids Lessons About Money
There are so many important life lessons that can be instilled in children at a young age. Learning the value of a pound and the way to properly handle money is definitely important. Of course, you can’t just lay it all on the at once. You have to take small steps with them, empowering your kids little by little so that when they are young adults, they are capable of being financially stable. According to sites like https://www.gohenryreview.com, they will have all the tools and knowledge required to manage money wisely.
One of the absolute best things you can do is lead by example. Previous generations have knowledge that newer generations haven’t acquired yet, in more ways than one. It’s not just that you know how to manage money already and desire to teach your child. It’s the fact that you grew up during a time when handling money was a little different. And that fact transfers from generation to generation.
I’m old enough to remember when cash was used much more often. These days, kids are growing up in a world where cards are used, and that can make it look like money grows on trees. Granted, they are going to be accustomed to using modern technology, and they grow up to learn the value of a dollar as it pertains to today’s world. But instilling in them lessons of old is always a novel idea.
You want to actually show your children that things cost money and that we can’t always have what we want. Granted, all parents want to spoil their children, and it’s difficult to hold back. But what you have to do is tone it down to blessing your children and first providing their needs, and you have to pair that with teaching them the value of a dollar. They need to know that you have to work for money, too.
I am a firm believer in the allowance and the chores that produce said allowance. Kids that learn as preteens to do chores for an allowance make it into their teenage years with a knowledge that sticks with them. That allowance may turn into a part-time weekend job in which they continue to manage their money. Then there are also summer jobs and finally, work for an employer at whatever age that ends up applying to their lives.
Each child and family situation is different, but every kid needs to learn the value of a dollar. And a dollar doesn’t go a long way in today’s world. Yet minimum wage hasn’t gone up either. Kids also need to pair their knowledge of money with their goals and dreams in regard to education and a future career.
A college path should be set in place early. A college fund should be kept and shown to the child. The importance of education should be explained, and how that money is going to get them a job that is going to pay the bills and provide for their needs later on down the road. Naturally, not every child goes to college, and that said, college is expensive these days.
But there are first apartments, there are tech school and other types of educational opportunities and all kinds of things that are going to demand the attention of a young adult. There also comes a time when a teen starts driving. Are you going to have your child save for a car? Perhaps you are going to have him or her use the family car or provide a car for your teen. Whatever the case may be, there are oil changes, gas prices and car maintenance issues to deal with.
The earlier you start the better. Kids need to know those important money lessons because they are tied to independence. Young adults that learned these important lessons early are going to have a much better chance of managing money wisely as they start their careers.
