How to avoid the 5 money mistakes with kids

How to avoid the 5 money mistakes with kids

On the quest for rendering the best for the kids, the goodwill of the parents often conveys the misguided directions when money is concerned.  So, just have a close observation at the most obvious blunders parents commit and also, how to refrain from repeating them.

1. Assuming that your kids should own what others kids have-

Resist the temptation of believing that your kids should possess what their peers have. There is nothing immoral in owning good things. You just need to stop and reevaluate, is it worthy of encouraging them achieving better or develop their skills? It’s about balance because nothing is ever adequate.

2. Defending your kids from the cost of things-

Explain the worth of money to your kids. Encourage them to make a reliable start on their own.  Anything that includes the negotiation of value and money can be used as a learning medium. You can teach your young ones what tax is and how to rate it or discuss the importance of tip for a waiter.

3. Purchasing stuff for kids using credit cards when you shouldn’t-

Credit card is the greatest financial risk to older adolescents, especially to those who suffer from a price disconnect. They never correlate the money with the hard work that you invested in earning it. Funding for the high-end demands of your kids, like expensive gadgets & branded clothes on a regular basis, is not advisable. Buying expensive goods for your kids customarily will make them fail to understand the difference that exists between luxury & normal goods. This way, they will be unable to realize the actual worth of hard-earned money. Buying them expensive goods sends them a critical message that everything in life is easily accessible, which is a blatant lie your child needs to get over.

4. Using money without the knowledge of your mate-

Being secretive about the money may put your kids in a state of being a traitor, conspiring with one parent with the other. Don’t favor your kids to be insincere. So, be open to your spouse about the money, primarily when it is about kids.

5. Wasting money on your kids and not permitting yourself know-

Without you even being conscious, your kids might constantly beseech you and your partner for money. This can simply pass. It’s real life, devoid of good money fairy.  Ultimately, you have to say “No” even if it appears offensive.

Success does not consist in ever making blunders. Success is all about never repeating the same another time. We can learn from our mistakes. Never drive yourself for committing any of these blunders.

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