How To Set Your Children Up For A Financially Successful Future
Writing for Thrive Global, Mr. Gupta discusses the value in educating children on smart financial behaviour. Mr Gupta emphasises the importance of these lessons being instilled as early as possible in the formative years of children’s development.
In this article, Mr. Gupta suggests the following financial tips to teach your kids:
1. Introduce the habit of saving
The age-old technique of collecting coins and keeping them in a ‘piggy bank’ is an excellent way for children to visually conceptualise the power of saving. At the end of a year, Mr. Gupta suggests taking your children to a bank to deposit the change, then watching the account grow over time.
2. Create opportunities to earn money
To instil the value of hard work in exchange for money, a suggestion is to give your children an allowance for completing chores around the house. This exercise is intended to teach children that money is earned. And if they demonstrate extra effort with their tasks, reward them accordingly.
3. Help to make smart spending decisions
Your child may be eager to spend the money they have earned and saved. Before allowing them to buy the first thing that comes to mind, give them options. Encourage them to weigh up the option of buying something now or saving a little more to buy something better in the future. The lesson here is that personal finance is about making decisions that are beneficial in the long run.
Importantly, every family has individual financial circumstances. As such, different strategies and suggestions should be tailored to your family’s unique situation.
For access to qualified complementary health practitioners or wellness therapists, please visit our therapies page. Search by symptom, therapy, or practitioner, to find a practitioner suited to your needs. Many of our practitioners offer both in-studio or online consultations.
References
Teaching Your Kids To Be Mindful About Money | Thrive Global
Qualified Practitioners | SoulAdvisor
Our purpose-driven editorial team has selected articles to share with our global community from thought leaders, commentators and subject matter experts in the traditional & complementary medicine sector from around the world. If you have any suggestions, comments or feedback, please contact us here.
Disclaimer: This Content has been developed from our generous global community and is intended for informational purposes only. This Content is not, nor is it intended to be, a substitute for professional medical advice, diagnosis, or treatment and should never be relied upon. Further, the personal views and experiences published are expressly those of the author, and do not represent the views or endorsement of SoulAdvisor through the act of publication on our site.
