While money is an enigma for many people, it doesn’t have to be that way. With the proper education, anyone can become a financial wizard. One of the best ways to become good with finances is to learn at an early age. Even if you think of yourself as a lost cause in the financial department, it’s not too late to pass on some wisdom to your kids. Here are some important financial lessons that you should try to teach your children.
1. There is a Difference Between a Need and a Want
If you teach your kids nothing else about money, teach them that there are differences between needs and wants. Many times, what they think they need is actually just a really superficial want. Do they need the latest pair of sneakers that cost $200 to look cool in front of their friends? Do they really need that pair of designer jeans instead of the ones that cost 1/10 the price? If you can help them realize the difference between what they need and what they want, they will be much better off later on.
2. Set Some Priorities
When you don’t have anything to work for, you’re probably going to be headed in all different directions. It is critical that you teach your child to have some priorities with his or her money. What do they really want to spend their money on? What isn’t that important to them? Many people end up spending their money on things that they don’t really want to buy just because it’s convenient or because of an impulse.
If you want to make the most of the available resources, it’s important to only spend when it’s part of your priorities. Have your child sit down and come up with a list of things that are important to him or her. Then have the child create some financial goals to shoot for in the future. They don’t have to be huge goals, but they should definitely have something to work for.
3. Don’t Pay Full Price
In today’s society, no one should buy anything without doing a little bit of simple research to make sure that they’re getting the best price available. With a smartphone, you can quickly look up the price for something while you’re shopping. Show your kid how to find GolfNow.com coupons when they are interested in buying golf supplies.
With coupon codes for GolfNow.com, you’ll be able to get the golf supplies you want at a much cheaper price than you would normally pay. Show your child how to look for sales and other discounts that they can take advantage. Show them how to buy some things used, so that they don’t have to pay the higher price just because something hasn’t been used before.
4. Live By Your Word
Teach your child to live by his word when it comes to financial issues. If he promises to pay for something, he needs to do it. You should teach this by giving them a good example. For example, if you start giving him an allowance on Saturdays, make sure that you give it to him every week on Saturday. If you get in the habit of putting it off or you regularly forget about it, your child will think that it’s alright to do the same thing when they get older. With a little bit of discipline, your child will be able to develop good credit and work toward the future more effectively.
With these simple lessons, you’ll be able to help your child get off on the right foot financially.
