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Home / Parenting

Five money mistakes you are teaching your kids

 Children need to learn about money early enough before they start spending it (Image: Shutterstock)

Money is a sensitive and difficult topic even for us adults. Now imagine what is going through the minds of your kids when it comes to money.

Without your guidance, they may grow up with misconstrued notions about money that may affect how they spend.

If you expect the education system to take up that role you will wait for a very long time for that happen.

That responsibility solely falls on you.

And in doing so, you must start by setting a good example. Your kids are watching how you talk and feel about money and is likely how they will be when they grow up.

And the sooner you start once they understand basic math the better. Here are some mistakes you may be making when teaching your kids about money:

  • Old ways
  • We’re living in the day and age of digital money. It is about time you did away with the piggy banks and savings box because the world is rapidly moving towards a cashless future and it has been doing so for the past years.

    Teach your kids about online payments, banking apps and mobile transactions to help them save and pay bills like the adults do in the real world.

    Help them keep up with current financial trends and do away with outdated ways of carrying out transactions.

  • Talking negatively about money
  • Use your challenges as teachable moments for your kids. This is not the time to argue whether you should move to a smaller house or stop overspending in front of the children.

    Arguments over money can get very heated and this may cause some anxiety and developmental issues with your children when it comes to money matters.

    Instead, you would rather discuss why you need to save more and cut down on bills. You don’t have to get to the nitty gritty but help them understand the situation and how you intend to go about it.

     When you constantly fight over money children develop a bad attitude towards it (Image: Shutterstock)
  • Bribing them
  • At times, parents will bribe their children to influence their behavior when in the long run this will eventually stop working.

    Instead of buying your children off in the hopes they will stop throwing tantrums or they will perform house chores, help them understand the importance of working together as a family to ensure an orderly and peaceful home.

    Set up an allowance system instead and teach them the right principles and responsibilities outside money.

  • Forcing them to save
  • Tempting as it may be, don’t force your children into saving when they don’t want to. Teach them about simple budgeting and the importance of saving then leave it to them to make the call.

    When you demand them to do so will only cause them to resist and they may develop a negative attitude and relationship towards money.

  • Leaving them behind when shopping
  • With more and more of us shopping virtually, kids may interpret spending as painless. For this reason, you may want to tag them along on your next shopping trip.

    Let them see and understand how the whole spending thing works. On this occasion you may want to carry some cash and let them see how fast the money disappears.

    Tell them about your grocery budget and teach them how to compare prices to get the best value for money. This will help them make better purchasing decisions in future.

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