With todayโs difficult economy, it is more and more challenging to stay on top of your finances. It is even more overwhelming to teach your kids about money. One of the best things you can do is be a good role model for them. Try these six suggestions to positively influence your kids and prepare them financially for a better tomorrow.
1 โ Seek the Best Deal
Saving money often takes effort. After all, it is time consuming to shop around for the best price. However, spending a little time looking for deals can reward you with savings. Even more, it shows your kids the importance of working towards a healthy financial situation. If you want a better price on insurance, click here. To lower your food costs, use coupons.
2 โ Say No
In addition to looking for deals, it is important to say no occasionally. It is especially important to tell your kids no. It is not healthy for them to grow up assuming they can get anything they want. Help them understand that clothing, toys, food, and vacations cost money. Although it can be difficult to say no, it will help your kids appreciate when you actually say yes. It will also teach your kids to go without.
3 โ Live Within Your Means
One of the main reasons so many people struggle financially is because they have debt. Certain debts make sense like a home mortgage or a car. However, other debts can jeopardize your financial health now and in the future. It is important to live within your means and avoid abusing credit. If you always purchase things on credit, your children are more likely to have unrealistic expectations financially.
4 โ Budget
Along with living in your means, it is a good idea to create a budget. This budget will help you meet your financial goals and be a better role model to your children. You can also print the budget and display it somewhere in your home. This is a great talking point for children, and it will provide you with an opportunity to teach them about how much things cost.
5 โ Work Hard
It is particularly important for children to understand that money does not grow on trees. You have to work to make money, and it is good when your kids see you doing this. When you work, make sure to explain to your children what they have as a result of your efforts. Teach them that you pay the bills based on your work, not on luck.
6 โ Give Them Opportunities to Use Money
In addition to acting as a financial role model, you can also provide your kids with opportunities to use money. For example, let them pay for dinner the next time you are at a restaurant. Even if they use your money, they will have a better understanding of how things are obtained.
Remember, children can easily learn from watching. Your example is invaluable to helping them succeed financially in the future. The more often you make smart financial decisions, the more likely your children will too. Make sure you are being the best financial role model you can be.
