Since having a family comes with so much financial responsibilities, having a regular conversation about these financial duties will sure help give the whole family a sense of direction.
As parents, while you try your best to achieve your financial goals, you at the same time make effort to teach your kids everything they need to know about how to make good financial decisions.
You really don’t need to be a financial expert to do this for the family. Children learn from examples, and whatever financial practices they learn from you will go a long way in shaping their relationship with money in future.
So, to inspire your kids about the best financial practices, these five tips shared by Kim Potgieter can help mould them into the personal finance experts you want them to be.
1. Family Goals
Every member of the family must have goals
(Black family photos)
If every person is expected to have financial goals, it makes a lot of sense for families too to have family goals. And while you save for these goals, it is important you let your children know what you are saving for.
Also, every member of the family should have their goals and dreams. You can as a family chat about these goals and how to achieve them.
2. Money Mechanics
Discuss money and its value with your kids.
As a parent, it’s important you let your kids know how money is earned and how they can do with it.
If your child gets everything handed to him, he’ll probably find it difficult to understand that he needs to work to make money. Let him understand why you go out in the money and return in the evening.
Be positive when you discuss your work with your kids.