Most of the parents tend to escape this discussion with their kids therefore make the children to grow without any idea or knowledge about money. Note that if you do not expose your child at an early age to this ideas and characteristics of money then they will not in future be able to plan or handle the same. As a result you tend to find that most of the kids when first exposed to money they tend to waste it all in other activities whereas they could have used the same for some important project. Some of the parents also have really increased the strictness to their children about money and therefore do not even allow them a shilling. The following are some of the factors that you can follow so as to ensure that you expose your child to the needed education about money.
Be honest enough to your children about money. Some of the parents tend to think that by telling our children about the advantages of money then they will end up getting spoilt. For this reason we tell them that money is not something good and that we should avoid too much of it. However you will be surprised that when your kid is exposed to the same and taste the sweetness of money then they will waste it all. It is therefore important that you tell your children honestly all the advantages of having money and also the danger of having a lot of money and using it badly. This will ensure that your child gets a good understanding of the same.
2.Give your child some space.
Do not be very tough to your kid when it comes to money issues. However it is important that you assess his/her behavior with the same. For instance you can allow your child some amount of money then at the of the day account for the various ways that he spent the money. You will be surprised that if you exposed your to the honest money talk then they will have a full account of the day usages. However if you ignored then they will give some lies to cover up for the various ways in which they wasted the money.
Do not be so strict on your child as this may make them not to be completely open to you. Ensure that you are very friendly to the child and if the behavior of their spending is not good have a talk to them. You can also indulge your children in saving schemes where they can be able to save their own money for future use. This will be a very important skill that they will grow up with once exposed to the same at an early age.
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3.Creating a budget.
In the case that you have exposed your child to the various ways in which they can save then ensure that they have a good plan once they withdraw the money. You can do this by helping them to create the first budget hence this will surely reduce the chances of the money being wasted.