Teaching Your Kids About Managing Money Is Essential

Learning how to manage money is an essential skill we should all learn at some point. Unfortunately many of us do not learn this skill until we are well into adulthood. Some may never get a decent understanding of this skill. When we have so many adults these days who do not have these skills, they are not able to pass it along to their children. Thus starts the whole cycle of this knowledge gap.

Starting Younger

I have always been a firm believer of helping children learn money skills from a very early age. Even if you are simply talking to them about different things including money. Just because your kids may not fully understand something, if you take the time to talk to them about normal stuff, it can plant the seed. Then, when they are older, they will likely begin to ask questions about it. One example of this was seen through a coworkers kid. The mother had started from a very early age to teach her son about money and how it works. Now that he is older he is asking different questions about money, income, bills, etc. He grasps that it is a necessary skill that he will need to understand and he is curious to learn more.

Do Not Delay

Another common thing I hear from people when it comes to teaching kids anything is, “do you think that is something someone of their age should do or need to know?” Well, the truth is, kids can learn at an incredible rate. Why not add some practical skills or knowledge in addition to their normal school stuff. Do not be the parent or mentor who is counting on being able to help them when they are older and NEED to worry about this stuff. The reality is, you may not be around or in their lives to help them when they need it. Start fostering these things with your kids or kids you watch. They WILL need to learn it eventually. It is not a choice.

Think Back To When Your Got It?

If you have some solid financial literacy today, when did you get it? If you were like most, you probably didn’t get it until you were in your adulthood. Now, imagine where you would be had you received this knowledge earlier on? What would you have done differently? Take the time to help your kids out so they don’t have to go through the same things you did.