1) Pay an honest tithing
When children see their parents pay an honest tithing, they will eventually follow their parent's example. In fact, they may want to copy their parent by paying their tithing with their allowance. Paying tithing promptly to Him who does not come to check up each month will teach us and
our children to be more honest with those physically closer at hand" (Ashton, p. 3). Not a religious person? Teach your child to set a few dollars aside to your local charity.
2) Learn to manage money before it manages you.
If you teach your child to manage their money at a young age, they should be able to budget their money wisely as they get older.
3) Learn self-discipline and self-restraint in money matters.
When you teach your child to show some self-restraint and self-discipline as you go to the grocery store or even the toy store, the child will learn not to rely on impulse buying as they get older.
4) Use a budget.
Teach your child how to budget, especially at a young age. Make them aware of how much money is available and how much they should only spend each week. Encourage your child to save their money.
5) Teach family members early the importance of working and earning.
Teach your child the rewards of working for their money. When a child does their chores on time and in an efficient way, reward them with a weekly allowance.
6) Teach children to make money decisions in keeping with their capacities to comprehend.
When you take a child to the toy store, teach them about price differences in different products, preferably in the dollar aisle to start off small. Help them make an educated decision instead of buying the first thing they see on the shelf. Have them see the difference in price between two yoyos and such.
7) Teach each family member to contribute to the total family welfare.
8) Make education a continuing process.
Encourage the child to save a portion of their earnings for college. Encourage the child to work and study hard in school. If they study and earn good grades, they will have a better chance at earning Scholarships for college.
9) Work toward home ownership.
Teach the child to work towards home ownership someday. It may be a long road for some but it could be possible with the right career in mind and the right location they may wish to move to someday.
10) Appropriately involve yourself in an insurance program.
As your child gets older, teach your child about insurance and different forms of insurance to help ease some future incidents if they were to ever happen someday. "Costs associated with illness, accident, and death may be so large that uninsured families can be financially burdened for many years" (Ashton, p. 10).
11) Understand the influence of external forces on family finances and investments.
of average wage increases" (Ashton, p. 10). Also, help them keep in mind surprise disabilities and retirement could happen to anyone so they should plan for it just in case (Ashton, p. 10).
12) Appropriately involve yourself in a food storage and emergency preparedness program.
Last but certainly not least, when you get involved yourself and your children with food storage and emergency preparedness, your children will learn that being prepared for anything will help them feel more financially secured as they get older. Also, "Planting and harvesting a garden annually is helpful to the family in many ways, including the food budget" (Ashton, p. 10).
All in all, it is a very good idea to help a child become financially aware at a young age. According to an article titled, "Introducing kids to money management skills" parents should understand taht "children are far more capable than we, as parents, often give them credit for, and by delaying the introduction of money management, we are delaying their sense of financial savvy" (Daily News, 2018, para. 4). When you start them young, they have a better chance at becoming financially independent as they get older. Not only will they not have to worry as much, but it is also a good way for them to develop some character, honesty, and have a chance to help others through service along the way and in the future.
References
Elder Ashton, M. J. (2006). One for the Money: Guide to Family Finance. Salt Lake City, UT.
Introducing kids to money management skills. (2018, November 12). Daily News [South Africa], p. 6. Retrieved from https://link-gale-com.byui.idm.oclc.org/apps/doc/A561868700/GPS?u=byuidaho&sid=GPS&xid=2018c49d
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