You are the world to your children and in their eyes, you can do no wrong! Mostly from the ages of 7 – 12 children are the most obedient… well there are some exceptions! This is the time when we teach our children about getting an allowance and saving. They believe a $€1 is the world and it can’t get any better.
At times, single parents can end up in situations where you can’t afford to give the allowance, I know because I have been there. When you have young children, they follow by example and can be easily influence. My biggest mistake was thinking I was hiding my hurt, sorrow and mistakes from my son, but once he became a teenager he let me know I wasn’t hiding anything.
If you want your children to understand finance, you should educate yourself to also understand finance.
Action you can take:
This is a perfect age to learn about finance and who better to have such a positive influence than a parent. Today we spend so much time on the mobile phone and on apps that make us envy other people’s lives. Why not take some of that time to invest in you and your child’s financial education.
I was lucky to understand that my situation did not define my knowledge and therefore played games like monopoly, game of life… etc. Got books how to invest for children and used such tools as YouTube show my son examples of other children learning the values of finance.
As we live in a digital world, here are some online games and books to teach children about finance
List of Games
- Rich Kid Smart Kid: http://www.richkidsmartkid.com/
- The Mint: http://www.themint.org/
- Financial Entertainment: https://financialentertainment.org/
List of Books
- Growing Money
- Secret Millionaires Club ft. Warren Buffett
TIP #4: If you learn, they learn. Spend time learning how to be a finance guru to your kids!