05 Oct How To Teach Your Kids Money Lessons For Life During COVID
When was the last time that you broached the subject of money with your kids? If it’s been a while, then you’re not alone. Talking finances can be tough at the best of times, but right now, in the middle of economic turmoil, it’s downright difficult.
However, it’s easier than you think to talk to your kids about money and set them up for success. Let’s take a look at how to teach your kids money lessons that they can have with them for life.
1. Bite The Bullet And Talk About It
While you might be looking for any excuse not to, the best approach when teaching your kids important life lessons is to talk about it. This is the best chance to prepare your kids for the future so that they can learn vital life lessons around their finances.
If you start early, then by the time that they are teenagers, you can broach other subjects, like buying a car or saving for college. You can also talk about how to get out of bad debt, with one option being a personal or title loan. Just look for title loans online to show them how best to reorganize their finances.
2. You Can Say No
One of the most important ways to teach your children about finances is to say no from time to time. We all want to be able to give our kids the world, but sometimes holding back and not giving them something is going to teach them more than giving in and saying yes is.
While your children do need basic things like education and food, it’s important that as the parent, you balance your own financial needs with your kids. While it might not be something they want to hear at the time, they’ll thank you for it further down the track.
3. Start With The Basics
Money can not only be a stick subject to talk about, but it can also be a boring one. If you come on too strong and get too technical, your kids might get bored quickly and lose interest in the financial side of things.
This is why it’s worth starting with the basics. Help them understand what credit is, what debt is, and what the difference is between the two. You can use basic math to help them understand what happens when they take money out of their account or use a credit card.
4. Help Them Learn Patience
Another great way to teach your child about finances is to help them learn the difference between a want and a need. If there’s something that they want, and don’t need, consider making them wait for it for a little bit.
Better still, try to get them involved in the process of saving for it. Help them learn about various saving strategies as they learn the importance of living within your means and understanding what’s necessary and what is a luxury.
COVID is a challenging time for the best of us – but it’s also a great chance to educate your kids. One way to do this is to talk to them about finances, so they can understand how unpredictable the economy and income can be from time to time. This way, they’ll learn important money lessons for life.
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