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Seven money lessons you should teach your kids

Parenting By Esther Muchene
Set up saving lessons in a way your kids understand (Shutterstock)

I remember learning about money from interesting board games like Monopoly and some computer video games which I still enjoy to date.

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At the time, I had no clue about the real detail when it comes to money but I still got to learn a thing or two.

The truth is that many adults lack financial wisdom. I think if we were all taught about it early enough, many of these money mistakes would have been avoided. Nonetheless, parents have the opportunity to give their kids these financial lessons even if they never had.

i.Saving

One of the major hallmarks of cash is saving. People are constantly spending all their income on things they don’t really need only to suffer the consequences.

Buy for them a simple piggy bank where they can collect the coins you give them or the change they get when you send them to the shops if you allow them. Set up the saving lessons in a way they’ll understand.

ii.Patience

Children don’t usually understand how money works. They can’t grasp everything for now but they can start learning step by step. Teach them that if they want something, like a toy for example, they might have to save up.

ALSO READ: Five tips to teach your child how to save money

Saving takes time so that’s the best way to teach them about patience. This isn’t a way of punishing them or making them save up for every single thing they want.

It’s just part of helping them maneuver the financial world when the right time comes.

iii.Wise spending

Make thing think critically about spending their money. If they’ve been saving for a while and they want to blow it all on things they’ll regret later, talk to them about it.

Show them how discounts work when a sale is going on so that they’ll be more motivated to be patient and spend their savings wisely.

Educate your kid on the risks of debts and the struggles that come with it (Shutterstock)

iv.Budgeting

This is the best way to show them how to track their finances. This will educate them on the risks of debts and the struggles that come with it.

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It is okay to let them make a few spending mistakes so that they can understand the real consequences.

v.Charity

It’s important for them to learn how to give back to society. They should know that they don’t have to have billions to help someone and the fact that they can’t help every single person even if they wanted to. Giving is from the heart and they can make a huge difference with what they have.

vi.Integrity

So many people lack basic integrity. They can do anything to make a few shillings and that has contributed to a huge global disease of greed. They should learn that stealing is not okay and they always have to put honesty first.

vii.If the deal is too good …

A conman isn’t always someone anonymous. They can come in the form of a friend or a colleague who manipulates you into lending them money they know they won’t pay back and the like.

Teach them basics of how to avoid being conned early enough so they won’t fall for the traps.

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