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Money Lessons - How to Teach Your Kids About Money

We all want what’s best for our kids, but it’s easier said than done! You can provide a bright future for your kids and get them in on the planning as well.

 
Chef Benny Masekwameng came from a loving family that couldn’t always provide for his future, and as a result he worked hard to build his own success. But with his background in mind, he wants to be able to provide a better future for his 5-year old daughter.
 
That doesn’t mean he’s spoiling her either! As young as she is, Benny is already working to instil her with a respect for money. She is taught that hard work pays off, and the best things in life don’t come for free.
 
Luckily, her love for her father and the work he does make her more than willing to help out in the kitchen!
 
So, if you’re worried about teaching your children to value money, take a page out of Benny’s book, and follow some of his tips for talking to your kids about money.
 
  1. Save. Depending on how young your child is, you can teach them to save. If they’re very young, a money box is an easy tool. If they’re a bit older, take them to the bank to open up their first savings account.
  2. Work. Make sure your kids know where money comes from. Hard work pays off, so reward them for doing chores. At the same time, it might be worth withholding pocket money if a task you’ve given them is left undone.
  3. Wait. Show them that if they wait, and save their pocket money, they could buy something bigger and better than the candy or small toy that they want now. 
  4. Respect. Don’t let your children treat you like an ATM, money doesn’t come easy to you, so it shouldn’t to them. If a toy breaks, teach them to save to replace it. When you buy an item in a store, have them pay attention to prices and help you pick out the most cost-effective items.
  5. Talk. Be open with your kids about money. You don’t have to discuss the ins and outs of your salary, but you can show them how you budget for the month and involve them in smaller money decisions. 
Teaching children about money is tricky, and at different ages they are more open to some ideas than others. Work with them at their own pace and know that everything you can do to educate them about responsible spending adds to the growing, solid foundation of their future.
 
Check out Direct Talk for more stories on life, money and everything in between.
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