How can I teach my children to be prudent about money?
Mummy knows Best
Thank you for asking! It’s my area of expertise! Having 3 young children of my own, it has always be an area of concern for me.
Firstly, for some saving money tips, take them to a bank to open their own savings account.
Secondly, ensure you bring them to a place to choose their own “piggy bank” to ensure that they have an ownership.
Lastly, lead by example, make sure you as a parent also save at least 10% of your income, showing them that you can save too!
If your children is of a very young age whereby “money” is nothing has no meaning to them, then , you may wish to consider what Guru Ed has suggested. Inculcate to them, the value of money by starting a saving habit.
If your children already have the ability to count their money, then you may want to start them off with a budget.
On top of that, you can also consider teaching them about making money, for example, making handy crafts to sell to make some pocket money for themselves.
With the money, perhaps you can teach them about value of money, like giving it to charity to help others in need or to save it to buy things that they want rather than to ask for it. Earn it, not ask it.