One of the most important lessons parents can teach their children is the value of money. It is true that a young child would choose a bag of candy over a $ 100 bill, but the learning that leads to valuing money as the fundamental tool that it is, is a process that despite being difficult and rigorous, is very important. get started as soon as possible.
It is unfortunate that in many places, financial education is not part of any basic or elementary school curriculum, however, the value of money and the concept of savings are fundamental pillars of the education that every child should receive.
We all value the virtues of effort, perseverance in the face of frustration and the ability to establish priorities, as they are indispensable elements of the personality of those who achieve the achievement of their goals. A great way to teach these virtues can be through financial education for children. There are child psychologists who indicate that it is not too early with young children, with five or six years of age, depending on their maturity, it is possible to start the process of financial education to young children.
But you may be wondering how you could start your own teaching project. Here are some suggestions that have been helpful to many parents of young children.
The first and most important thing is to remember that the model that the little ones are going to follow regarding the value of money and spending and saving habits is the example that we as parents give them. This is where the saying "Do what you do and not what you say" becomes very appropriate. For example, parents set the example by avoiding buying everything they want whenever they can, as children will develop the idea of wanting everything right now.
The clear trend is: Consumer parents who make the trip to the Mall a family trip will have consumer children. That is why a unique strategy is to encourage daily savings on household expenses (which is a way to save money). You could, for saying something, stick to the shopping lists and let children know that even though you would like to buy more things, your adult self-control allows you to establish your needs and thus "refuse" to spend money that could be used in some other way.
Some key methods are as follows:
Many parents have started their children's education by encouraging them to manage an allowance in which the value of savings is encouraged and rewarded. Regarding what age is recommended, the truth is that there is no consensus, however, it is reasonable to think that a boy of about eight or nine years of age could understand concepts such as interest and money management.
In addition, several banks can be your allies. For example, in Guatemala the Banco Industrial has a special account for children, called the Banco Industrial small account, in which children can access a lot of information that will help them in their daily lives and in their long-term plans.
