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Money management in parenting

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@yusvelasquez
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A few days ago I published a post related to the management of finances in the couple, and I was thinking about how to raise my son in relation to money. Looking for the right tools, I then started reading about the topic in the book "Rich Kid, Smart Kid. How to give your children a solid financial education" written by Robert T. Kiyosaki, which may be familiar to some.

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I will tell you my experience so far. I have found it very interesting. There we are presented with many realities, for example, one that I have observed in my family and friends is how some young people have the belief that parents are obliged to give them money, because they deserve it. In some cases, they receive money daily when they go to school, weekly or monthly. Parents sometimes use money as a way to avoid feeling guilty for various reasons, including not paying due attention to their children and substituting love and presence for money, developing in them an attitude of deserving.

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There are many points of view about whether or not to give money to our children, each family has its own strategies or formulas for its use. However, money can serve as a very powerful tool to teach our children.

The behavior of the parents in relation to spending and saving will possibly influence the children in the management of money. If the household spends more than it can afford and does not practice saving, then it will be difficult for them to follow your advice.

There are several tips that can be very useful to decide in the family how to act in relation to this issue. Here are some of them:

It is not necessary to resort to bribery to get children to perform tasks that they should do without being paid. Therefore, the first step is for them to acquire responsibility in their personal activities, for example, tidying their room, brushing their teeth, taking their plate to the sink, among others. On the other hand, it is also necessary to establish tasks that contribute to the family and social welfare without receiving payment, for example, helping to set the table, helping to maintain order in the home, helping people, helping the elderly in the street, are some ways.

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It is important to emphasize the importance of knowing how to manage their money, that they learn that parents will provide money to cover their basic needs such as food, house and others and that what they want to buy such as a toy or shoes can be negotiable, so that they are able to seek options to make up the difference if that is the case and if it is beyond their reach.

Finally, it is important to encourage the entrepreneurial spirit in children, so that they are attentive to the opportunities that present themselves to earn money. The key is for them to identify some specific jobs that they can perform and establish their payment upon completion. With this, it is intended that they learn to differentiate their job and business. The payment for the task performed corresponds to their job and what they do with the money earned will be their business. When they understand the difference between working for others and working for themselves, more opportunities will present themselves and they will be financially successful.

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As parents we have the most important task, educating our children, and financial education is part of that!.

Until next time, I hope this is helpful!