How to raise financially responsible kids
HOW TO RAISE FINANCIALLY RESPONSIBLE KIDS
#Saving & investing – these lessons are necessary, but they’re not enough. We have to teach them to have a healthy relationship with money. Because how our children will manage money in the future is being shaped by the atmosphere around finances at home right now.
TALK ABOUT MONEY WITHOUT TENSION
The more we chat about saving for retirement and paying bills before we spend the money we earn on non-essentials, the more opportunity we have to give our kids a basic understanding of the cost of living.
VALUES AROUND #MONEY
Money is just a tool. It can be used to do good things or bad but the result is a reflection of the person making the decisions. Moreover, money is a tool to achieve something more that… money itself.
GIVE THEM REAL MONEY TO MANAGE
Nothing beats real life lessons. Start with simple activities and shopping trips. Make your kids handle cash and count change.
TEACH THE SAVE, SPEND, GIVE MODEL
Learning to give is also important. Encourage children to use some of their money to contribute to causes they care about. And show them that giving doesn’t have to mean sending #cash; spend an afternoon with them volunteering.
CREATE & ENCOURAGE A YOUNG #ENTREPRENEUR
Succeeding and failing in small ways with money will help kids understand how to apply those lessons on a larger scale.
Money is about understanding, and understanding is the best way to manage healthy #business, as we, Prevail Accountancy with our leader Katarzyna Machalinska, understand and practice our mission.