Teaching your children to be savvy about money

Teaching your children to be savvy about money

Make sure your children are financially savvy by teaching them these tips. 

Family saving money
Family saving money / iStock

Parents lay the foundation for their child's life.

By imparting knowledge and training, they set them on the right path. 

The importance of financial literacy cannot be overstated. One of the best things you can teach your child is how to properly manage finances. 

READ: The importance of having a family budget

This is because finances are an important part of life. Poor financial management can have devastating results on the individual. 

It is an important part of your role as a parent to ensure that your children have a good understanding and attitude towards money. 

You can start teaching children about money from as soon as they are able to count and identify money. 

Let's look at tips to help you teach your children about finances: 

- Educate your children about what money is and how it used. 

- Make purchases with them, so they see you paying for the items cash. If you are using a card, show them the slips. 

- Teach them about the importance of savings. 

- Show them how to draw up a budget. 

- Give them pocket money and make them implement/practice the lessons you have taught them. 

Remember, your children might make mistakes along the way, so don't be harsh on them, but encourage them to do better. 

READ: Four powerful tips to help couples master their finances

Meanwhile, for more budgeting and personal finance advice, check out our JacPod podcast, The Money Podcast, where self-made entrepreneurs Justin Harrison and Dawie Bester go off script and tackle controversial money issues, providing an alternative perspective on everything related to personal finance and money. Because money doesn’t have to be complicated or boring.

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