Teach Your Child The Value of Money

February 7, 2019

Money. The root of all evil some say, and yet we need it for almost everything. Shelter, clothing, food. I personally think that these three basic things that are vital for our survival should be free. But they aren't, they cost money and lots of it. As an adult I've come to realise the difference between people who respect money and those that don't. Those that understand the value of money usually have saving and if they are lucky; their own home. Those that don't understand it's value will waste their money on needless things, even if they have a good job with a decent income they will have nothing to show for it.

 

Take this one guy I know for example. He has a good stable job. Once all his bills are paid he has a decent amount of money left over to spend of what he wants. He could have decent savings and would likely be accepted for a mortgage. Instead he has no savings, and is always in debt, he relies on his parents to bail him out with money issues and they do it. They aren't teaching him the value of money and that has terrible consequences for their son.

 

 

Children must be taught the value of money if they are going to be able to stand on their own two feet. Children whose parents don't educate them on money matters will are more likely to struggle financially when they are older regardless of their income.

It was sometime last year that I realised that Blake didn't realise that we have to pay rent for the house, pay for electricity so we can have lights and pay for the gas in our home so that we stay warm.

 

He was shocked but it opened his eyes that not much in this world comes for free. The second thing I taught him about money is that just because you have it, doesn't mean you have to spend it. He is gifted money from his grandad every month and it's very rare that he asks to spend it. Instead he gives it to me and we save it for the summer holidays. Six weeks off school is a long time, and with the decent weather we like to go out and do stuff. So six months or so of savings makes sure that there isn't too big a decent in my bank amount. I'm a big believer in there is a time for saving and a time for spending. I like spending money but only if I have savings in my bank account to fall back on for the stuff that really matters.

 

I have a savings account for Blake. One that money can't be taken out of and he won't get until he is 18, at 5 years-old I'm already teaching him that the money is to be used wisely and he shouldn't waste it because he will never get it back. Hopefully he will take my advice on board, but that remains to be seen.

 

Parents should at least make the effort to teach their children about money. It plays such an important role in our lives and we shouldn't take it for granted.

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