Having to look into the eyes of your beautiful baby is a dream come through for most parents, but aside from the love you give and get from your child as a parent, you also have to be a good role model to that beautiful child/children of yours. Becoming a good financial role model for your child makes a significant difference in the world we live in today.
Children closely observe everything we do as parents and extreme care needs to be taken with each of our actions as it is our responsibility to ensure that we act in a way and manner they can emulate.
It is important to set goals, setting goals should become a family event, where together as a family you decide on the amount you are going to spend, save, and share. Every goal you set needs to be realistic and obtainable when this practice is carried out constantly and regularly. When your children realize how intentional you are about investing and setting plans, they will follow the same part as well.
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Once the family goal has been established, it is also your duty as a parent to guide them in whatever possible way. Make sure that, your kids understand the purpose of the money you give them, this will help them stay on track when they see something they admire that isn't a need but a want.
Kids are highly observant, and they take your actions more seriously than words. If you tell your child you do not have the financial capacity to buy them something, do not in turn get yourself a luxurious item, that may not be sending a message good enough to the kids. If you purchase something that is from the family's needs, that is a better excuse than buying the new toy they admire, ensure your purchase fits properly into your overall budget.
Do not be like families who make it difficult for their children to understand money because it is a taboo in their family. Money should not be a taboo in any family, speak about it to your kids and let them have the freedom to speak about it also.
Whenever you are out shopping, make sure to have a spending limit, you can even permit them to take whatever they want within the speculated budget, this will help them focus on their needs beyond their wants.
Showing your kids that you have confidence in that they will follow all you have taught them, about money by introducing pocket money to them. Older children feel more trusted when they can use their money on their own, but a little guidance and observation from parents wouldn't hurt too.
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