These days, all grown-ups go through our daily routines of paying our bills, putting s shelf over their family and putting food on the table. Parents want the best for their children and want to ensure when their kids grow up they will have a brighter financial future than what they had.
One of the simplest ways to teach our children about money is in your own home with the income that you receive. Try having fortnightly or monthly meetings. Tell them what these meetings are about.
Parents receive and income first of all. Educate your children about where money comes from and that it doesn't just fall out of the sky. Explain that you get paid every week or fortnight for example.
The income is then used to pay for different bills and necessities. Show your children what the money you receive is used for.
The following is an example of what you can show to your children:
1. Gas = $85 2. Electricity - $160 3. Food = $400 4. Clothes = $200 5. Transport = $200 6. Health insurance = $100
From the list above, show what each bill/item is going to amount to. You could simply then add this up and then subtract this amount from your income and it would then equal to how much is left offer for savings.
Explain to your kids what you plan to do with these savings. It could be paying off a loan of some sough for example.
Show your children how much things cost and they will start appreciating what money can actually do.
When your kids grow older, start giving them more responsibility over finances in the family. Ask them what the family could do to save more money, it could be going out to less entertainment outings such as the movie cinemas for example.
By doing this, your children will be set up for a potentially greater financial future as they can see what money can do and not do for them. - 20763
One of the simplest ways to teach our children about money is in your own home with the income that you receive. Try having fortnightly or monthly meetings. Tell them what these meetings are about.
Parents receive and income first of all. Educate your children about where money comes from and that it doesn't just fall out of the sky. Explain that you get paid every week or fortnight for example.
The income is then used to pay for different bills and necessities. Show your children what the money you receive is used for.
The following is an example of what you can show to your children:
1. Gas = $85 2. Electricity - $160 3. Food = $400 4. Clothes = $200 5. Transport = $200 6. Health insurance = $100
From the list above, show what each bill/item is going to amount to. You could simply then add this up and then subtract this amount from your income and it would then equal to how much is left offer for savings.
Explain to your kids what you plan to do with these savings. It could be paying off a loan of some sough for example.
Show your children how much things cost and they will start appreciating what money can actually do.
When your kids grow older, start giving them more responsibility over finances in the family. Ask them what the family could do to save more money, it could be going out to less entertainment outings such as the movie cinemas for example.
By doing this, your children will be set up for a potentially greater financial future as they can see what money can do and not do for them. - 20763
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