No matter where you live or what you believe in, finances are necessities in the modern world. Gone are the days when you could buy a pack of bubblegum for a dime, or gas for under a dollar. And, as time progresses, inflation makes it more imperative for kids to learn about real world finances from an early age.
Teach Them to Help Them
When you teach your children about real world finances, you are helping them cope with financial issues that may arise in their futures. From writing checks and manually counting up monies in their bank accounts, to keeping tabs on bills, setting up a luxury home marketing plan, and setting up automatic payments, finances are a big deal when you get older. Some things are more important than others, of course. But overall, when you look at the big picture, real world finances are a ginormous part of adulthood. So, if you can teach your children now, they will be better prepared to handle financial scenarios as adults.
Begin a Savings That They Contribute To
When your babe is born, set up a savings account that you add to on a monthly basis. It can be anything as long as the account accumulates interest as time goes on. Then, when your children reach an age for chores to make money, they can contribute a portion of their earnings to their own savings account. You can set age stipulations on the account too, such as your kids cannot touch the money in their accounts until after their 18th birthday. The savings can help with major life decisions, such as college, marriage, children, and so on. Then, when [or IF] they have children one day, they can do the same to set up their kids for their future.
Teach Them the Value of Hard Work and Perseverance
When you expect your children to throw in some of their earnings to a savings account, you are teaching them the value of a dollar. You are teaching them that hard work and perseverance can get them somewhere. Sure, finances are definitely NOT everything or at all the most important lessons you can teach your kids, but financial scenarios are important nonetheless. Kids today need to be prepared for their futures, and you can help them along by teaching them the values of things from an early age.
When your children become independent, well-versed adults with control over their financial futures, you can thank this article. The above suggestions are meant to set you on the path towards educating your children about real world finances. Why? Because it’s important and you would be doing your kids a favor that carries them through the rest of their lives.