By Mubiana Nakweti
It is never too late to teach kids the value of money but if they are taught at a younger age, they will benefit from it as they will know the worth of money and the hard work that goes into earning it. Here’s how to teach your kids money management
1. Talk openly
Strike a conversation about money by instilling in them good values and manners. Tell them how you worked hard when you were young, how you saved money for yourself and family. Teach them the difference between needs, wants and necessities and what to spend money on. Also be ready to answer a few questions that will be thrown onto you by your kids.
2. Motivate them to work harder
Create a system where your child is given a particular amount of money as reward after completing a task. Make it mandatory for them to save an amount of it in their piggy bank. After every few months, open the piggy bank and ask the child to count the money they have collected. They will be really happy to see the amount collected by them. If it’s a huge amount, you can also take your child to the bank and show him how money can be saved in the bank.
3. Set the example
Being a parent, you have to lead by example. Your kids tend to follow your footsteps. If you are a great money manager, they will also try to be the same. Pay bills on time, invest your money well and tell your kids how you are also planning for their future. This will make them realise that even they require planning and good money management for a better future.