Financial Lessons to Teach Your Children

Money should not be a barrier to giving your children the life they deserve. It is important to educate them about finances so they grow with the right knowledge needed to survive in the financial world. 

1. Have Money Conversations 

Children’s first experience with money usually starts with math problems. If Toni could get one apple for N80, how many apples can he get for N400? Some of us might hate math, but we do enjoy counting money. Don’t leave everything to the school. Talk to your children about money, and let them know its value and what they can do with it. 

1. Give Them Responsibilities 

Once you’ve educated your children about money and its functions, you can start giving them responsibilities. Start with chores, letting them know that money is to be earned. With their own money, they begin to make their own financial decisions. Whether they gain or lose serves as a lesson for them. 

1. Teach Them Financial Habits 

Children emulate what they see their parents doing. If you are responsible and spend your money wisely, your children will follow suit. For example, continuously saving money to make a big purchase teaches your children patience and instils good money habits in them. 

1. Remind Them That Health Is Wealth 

While it is important to imbibe good money habits in your children, teaching them to take care of their health is also important. Let them know that living a healthy life gives them the opportunity to live long enough to enjoy their wealth. You can start by giving them one of the best gifts of all, good health insurance.