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[Parenting] Teach your children money management laws

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If you are an average worker with an average salary, you have to manage your money. Especially if you are raising children, your spending will increase. You have to manage your income, expenses and savings appropriately.

If you can not manage your home economy, you can be in danger.

Parent's Responsibility for Home

Parents have an obligation to provide their children with the things they need, such as toys, hobby goods, as well as essential elements such as home, food, and clothing. Parental duties include thinking about the future of your child, leading your child in the right direction, and teaching your child how to manage his or her finances when he becomes an adult.

Unfortunately, there are many children whose economic notions are not well established. According to a 1997 study sponsored by the US Department of Labor, 40% of American children receive an average of $ 50 a week in pocket money, which they use to buy comic books and movie tickets. In other words, it is easy to use money easily received from parents.

It is the numerous companies that utilize this impulse buying by the modern youth as an opportunity. Children reach an average of 360,000 TV ads until they are 20 years old.

Then, just because the TV commercial looks good, the child tries to ask the parents to buy the thing they want, or they collect the pocket money they received from the parents, and buy things impulsively. Occasionally, parents may become angry with their children and prevent their purchases.

To prevent this from happening, you should teach your children money management laws.

Source: Pixar Bay

From childhood, a person must learn the concept of money and establish it himself.

Perhaps you, parents, may have used the money without being aware of it when you were a child. So, now that you are a parent, you do not want your child to repeat the same mistakes.

Teaching money to children is not a difficult task. In addition, children of all ages can learn how to manage their money steadily.

Dave Ramsey, a bestselling author and radio host, shared ways to teach his children money management laws.

1. Use transparent plastic or glass bottles instead of piggy banks to help your children collect money. By using transparent bottles, your child can directly see the accumulation of money. An opaque piggy bank is hard to know how much money you have if you do not open or open the piggy bank.

2. Show the price of the item if you want it. For example, if your child wants a toy, tell them how much it costs to buy the toy. Take the money out of the child's piggy bank and let the child pay the cashier at the store. Make sure your child understands the concept of 'paying for money and buying things'.

3. Pay a daily allowance for helping with housework instead of pocket money. It is better to give your child a simple household chores than to give them pocket money without any conditions and then pay the right price for them. Your child will realize that money is not "spontaneous" but "earning" and at the same time you will feel a sense of accomplishment.

4. Teach your child the nature of the gift. It also teaches the nature of donating. For example, have your child donate money to a church or charity. Then the child will understand both the person receiving the effect and the person giving the effect.

5. Let your child do 'work'. If your child is able to work part-time, you should teach them how to earn money without resorting to the amount of pocket money the parents have during their vacation. Also, help your child open his bank account if he wants to.

6. Educate your child about credit cards. If you use your credit card indiscriminately, you should explain the potential risks of liability.

7. Be a good example as a parent. Children mimic parental behavior. If you manage your money as a parent, your child will see and follow it. It is a shortcut to ruin your child to buy everything your child wants without any conditions. Help your child realize how to use money wisely.

Most importantly, all of this education should be done in a way that interests the children.

Warren Buffett, a renowned billionaire, stressed the importance of teaching children how to manage money, saying, "Teaching healthy habits to children is an opportunity for children to succeed when they become adults."

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