Rich or poor parents must teach their children this.

There is a saying "If you do noteducate yourself about money in your childhood, your future will be educated by society" . A child who knows how to manage money will be more proficient in controlling his or her own life in the future.

Children who know how to spend money will have a different life 10 years later than children who don't know how to spend money.

A child who knows how to spend money will be more proficient in controlling his or her life and will benefit from it throughout his or her life. Illustration photo

You reap what you spend.

American billionaire John D. Rockefeller once said that the children in his family, starting at age 6, would be given a fixed weekly allowance, which was completely under their control. However, the children had to record every penny they spent on what for their parents to check.

In the process, children learned how to spend, save and manage money at an early age, as well as developing willpower and the ability to delay gratification. Today, the John D. Rockefeller family has maintained its wealth for six generations.

In fact, children who have a correct view of money from an early age will know how to resolve the relationship between desire and ability, and live their own lives within the allowed limits. Such children will be more likely to succeed in the future than children who do not know how to spend money.

Learning how to use money is the most valuable lifelong asset that parents can leave to their children. A person's attitude towards money management reflects their ability to control and plan for an independent life in the future. Therefore, instead of teaching children to work hard to save money, it is better to teach them how to spend money properly.

Children who are not educated well about money, no matter how much money their parents earn, it is not enough.

A mother was preparing to pay off her mortgage, but suddenly discovered that her bank card only had a few tens of thousands of yuan left, while it originally had more than 200,000 yuan. Only later did she learn that it was her 12-year-old son who had loaded the money to play games.

This mother mortgaged her house to borrow money at high interest rates. With no way to pay back the debt, she had to sell her house. Seeing that, people could not help but feel sorry and angry.

In the process of growing up, children lack proper awareness of money, money has no meaning compared to the happiness of shopping. In the end, the child's ignorant behavior becomes the source of tragedy for the whole family.

Teaching children about the value of money from a young age is not easy, but it is one of the most important lessons parents need to teach their children. Illustration photo

Robert, author of the book "Rich Dad Poor Dad" said:

"If you can't teach your children about money, someone else will do it for you, like creditors, police, and even liars. Let these people educate your children about financial business, and I'm afraid you and your children will pay a much higher price."

So it's never too early for money education. Parents' delay will cost them dearly.

Some things, no matter their age, if you don't tell them they will never understand, especially money education.

Writer San Mao said: "Comedies in the world can be produced without money, but most of the world's tragedies cannot be separated from money. " "Mouths eat mountains", because they do not know how to work hard to earn money but only know how to spend lavishly, in the end when the "landslide" happens, no one in the family is innocent.

Parental Behavior Impacts Children's Money Habits

It's no secret that children pick up habits from their parents. Financial behaviors are no exception, whether parents talk about money with their kids or not. Brad Klontz, a clinical psychologist and certified financial planner, asserts that children learn about money primarily by "modeling" their parents' behavior.

Klontz calls these behaviors and feelings “financial flashes.” These are childhood events related to money that children may or may not fully understand. Their perceptions depend on whether their parents clearly explain what they mean.

Did your parents explain the value of saving your allowance? Did they explain the concept of investing? Or did they simply tell you not to spend it because they said so? It makes sense that parents should teach their children about financial literacy. But in many cases, money can be a thorny subject for families. And parents may not be equipped to teach their children about a subject they have no interest in.

"A lot of parents don't talk to their kids about money because they're stressed about it and don't feel good about it," says Klontz. The problem isn't that parents don't want to explain to you why you should save money instead of wasting it on junk food or junk food, it's that they don't feel confident enough about their own savings to explain it to their kids.

A January Bankrate survey found that more than half of Americans don't have enough savings to cover a $1,000 emergency expense; about 20% of employees regularly run out of money before their next paycheck, up from 15% a year ago, according to Salary Finance.

Instilling a financial foundation and understanding the value of money from a young age will teach children to become knowledgeable individuals and make smart choices about money. Illustration photo

Whether rich or poor, children need to be taught to use money well.

In the movie Confessions of a Shopaholic (USA), the character Editor-in-Chief Luke said: "People who really know how to make money will always know where to spend their money." In other words, how to spend money is really the key for children to have a correct understanding of money.

Learning how to spend money is a compulsory course in children's lives. Through proper guidance from parents, cultivating children's money concepts from an early age is the most precious gift parents can give their children.

What should we teach our children about money?

Learn to save and spend wisely

There was a mother who opened a savings account for her daughter. Every year, she kept her lucky money in there. Her daughter also saved her bonus money.

When the daughter grew up, when she needed to spend money, she would consider whether it was necessary to buy it or not, gradually learning how to spend reasonably, saving to manage money without spending. She also proudly said: "Mom, I will use this money to go to college in the future." What is proud is that the money that the child herself saved was used in a meaningful place.

Parents need to teach their children to control their desires, prioritize spending wisely, cultivate good habits and take control of their lives.

Basic math skills

Even if your child understands the concept of money and its different denominations, he or she will not be able to practice without basic addition and subtraction skills. Therefore, you can give your child small change, teach them how to buy things, and get change when going to the supermarket. Gradually, this will be a good skill for your child when using money.

Parents can also give their children a small amount of money, depending on their age, so that they can gradually learn how to spend and save if they want to buy something.

It is never too early to teach children about money. As children grow up, a lack of proper awareness of money makes them not fully understand the meaning of money, not know how to use money and easily make mistakes. Illustration photo

Inspiring kids about finance

According to a recent survey by CNBC and Momentive, a market research firm: about 83% of adults in the US believe that parents are the ones most responsible for educating their children about financial literacy.

Some ways we can start educating our children are by using online resources, being aware of money behaviors, and introducing financial topics as early as possible.

“By age 3, kids understand value. By age 7, they have developed a relationship with money,” says Carissa Jordan, co-founder of Benjamin Talks, an online financial resource for parents and kids. “But half of parents don’t talk to their kids about money, so there’s a problem there.” If you’re starting to dive into financial education for your kids, Jordan says one of the best ways to start is to give them an allowance.

“An allowance helps kids feel responsible for making money decisions and is a great way to learn how to budget, save, delay gratification with spending or donate money to fundraisers they enjoy,” says Jordan.

Instill the value of earning money

Most parents are in favor of giving their children some pocket money, but not many parents instill in their children the value of earning that money.

When children earn money rather than being given it, it is more meaningful because they put in the effort to earn it and they don’t take it for granted. Earning money for simple tasks like cleaning the house or washing dishes, then saving it to buy something else is also a good lesson in delayed gratification and often prevents children from growing up to be overly materialistic.

Spend wisely

One way to teach kids about smart spending is to take them to the grocery store. This is a great way to demonstrate the power of choice and not be swayed by the tempting pictures on the packaging.

If you can teach your child to choose wisely about one product over another and make value-based decisions that make their money last longer, they will be more likely to prioritize and spend on more important things instead of frivolous spending. They will also grow up to be happier and more financially independent.

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