Money rules for your children
It's not all about given them pocket money but also knowing some early money rules that will develop their financial and monetary skill as they grow older.
Here are five steps to take to build money rules that make sense for your family.
1. Appropriate age
As a parent, you should know the appropriate age for setting the money rules for kids. Children must attain a certain age before you start discussing money matters with them. When children get into primary school, parents need to ensure they know the concept of saving.
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As children in primary schools, most of them think about toys and video games. Let them know these things are bought with money and if they want to get them, they need to save. As they grow older they begin to have a wider knowledge about finance and how to manage monetary issues.
2. Giving allowance
Is it wrong to give children an allowance? Different strokes for different folks. It all depends on parents' philosophy about money.
Though it is not wrong to give a child daily, weekly or monthly allowance, make sure your kids don't have an entitlement syndrome and them thinking they must have an allowance no matter what.
3. Working for cash
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As a family, everyone in the household must have a chore to do, weekdays and weekends. Parents should not tie money to household chores. Don't ever make children feel they are doing you a favour by doing chores at home. As far as they are members of a family, it is their duty and they need to engage in chores.
If a child wants to earn money working, when they get to a certain age, they can earn an allowance by doing an after-school job or holiday job.
4. Money growth
Encourage your child to save part of their allowance not because they need to have to get something they desire but to watch their money grow. Teach them the difference between want and need.
Apart from saving for what they desire, they need to learn how to set financial goals, either short or long-term goal.
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5. Take control
It doesn't matter if children have their own money, doesn't mean parents shouldn't control and check how they spend it. There should be a limit to what children use their money for.
Children tend to have a wasteful habit of spending. As parents, you should be able to curb their expenses. Before they set out to buy anything, make it a ground rule that they must inform you about it and take the final decision if they should get it or not.
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