Learn how to teach the chidren to maintain financially stabl throughout their li

1. Teach your child the art of being financially stable throughout their life Anna Adams Parents are the first source of learning in a child’s life. Children learn all the habits from their parents from financial habits to cleaning routines to overall lifestyle. To make your child better than you in any field, you have to change your habits so that your child follows in your footsteps. Specifically, when we talk about finances, parents influence their child’s behavior and habits. While reading this, if you feel that you too need some guidance for your financial behavior and decisions, do not worry. This blog will guide you in different ways. It can teach your children the importance of money and how to be a financial genius when they grow up. There are many ways through which you can make your kid a financial genius irrespective of your financial knowledge.

2. 1.Be comfortable while talking to your children about money Even in today’s times, when technology is advancing at a lightning speed, many parents still feel uncomfortable while talking to their children about money. Having said that, parents should be open about their finances with their children. Parents should come out of this taboo and be open about finances. Considering today’s pacing world in every aspect, it is vital to teaching your children about handling their money to give them a clear picture of their surroundings. Giving them this knowledge will make them confident and a better decision-maker.

3. There are several ways to start a financial conversation with your children. One such way is to use anecdotes. Another way is to behave the way that you want your child to learn from you. If you want your children to save more, you have to start saving your money every month to set an example. Along with this pragmatic approach, you can play with numbers with them and explain the concepts. 1.Start at an early age If you feel that it is too early to talk about money with your kids, reconsider your decision. It is not important to fix a specific schedule an hour to have a financial session. You can have a friendly rapport with your child and make every moment a learning moment for them. Nowadays, most of us use plastic money for our transactions and children observe every bit of what we are doing. They may be fascinated with these debit and credit cards being used. Children are more likely to see and understand rather than learning through lectures and theories. You can tell them how to withdraw money and deposit so that they can be independent of their transactions. 1.Be transparent with your kids but avoid oversharing

4. The thumb rule while dealing with your children is, to be honest with them in every aspect such as finances, home decisions, etc. Do not lie to them as it creates long-lasting impressions on them. When it comes to finances, do not lie to them and be transparent about your financial status and habits. One of the finest examples is when you are at a Supermart and your child demands something from you. Instead of saying that you are out of cash, you can give them a genuine reason for not buying that particular thing and explain to them the drawbacks of getting it. If you tell them, you cannot afford it for them; your child may have trust issues with you in the future. Be transparent and straightforward with your children. Along with transparency, it is important to remember not to overshare with your children either. 1.Self-control is the key Self-control is an important characteristic at every stage of life. You can teach your kids to imbibe the quality of self-control in every phase of their life. There is a very fine line between being clear of what your child wants and self-control to not wanting a thing.

5. It is good to teach your child to be clear with their wants and desires. At the same time, teach them self-control too. In the future, they may misuse the money and overspend for the needs that they cannot control. You can teach your child this concept by giving a regular allowance to them. It may help them to save and spend at the same time as per their understanding. 1.Needs vs. wants There is a clear distinction between needs and wants. Many adults are confused about relating to the concept. If you want your child to be clear, teach them this concept at an early age. Tell them there is a difference between what they want and what they need. For example, if there are 2 sets of crayons by 2 different companies. The higher the price, the fancier is the packing. You can explain to your child with the same example that the need can be fulfilled by the cheaper one. The purpose remains the same for the coloring whereas the expensive one may fulfill the want. Needs can be fulfilled by limited money but wants cannot be satiated even with a huge amount of money. Many unemployed people borrow loans without a guarantor to fulfill their wants. It is irrespective of their low-paying capacity.

6. This makes them stuck in a financial quagmire that adds up to stress and worry in life. Hence, it is important to make your children understand these concepts to have a happy and peaceful life. Source URL:https://medium.com/@adamsanna092/teach-your-child-the-art-of-being- financially-stable-throughout-their-life-cf986f3c59c2