Being comfortable with money is an important life skill to teach our children. Understanding the dynamics of earning, spending and saving gives them a solid foundation for success in life, by Sylvia Walker.
Parenting is one of the toughest jobs on Earth. There’s no ‘how-to’ guide; you simply need to be a good all-rounder and do your best. Showing your children how to have a healthy relationship with money can be intimidating, particularly if you’re grappling with some of your own unresolved money issues.
- Watch yourself
Children observe and mimic everything their parents do, so if you have a rocky relationship with money, this may spill over to them. If money causes you anxiety, stress, or resentment, your children will pick up on it and learn by association.
According to Sue Torr, managing director at Crue Invest, you should control your emotions so that your children learn to associate money with normalcy and everyday life. ‘They must also learn to value money as an enabler for good,’ she adds.
- Start young
Money is part of everyday life – the sooner you start teaching money lessons, the better. Teach your kids to work for their goals; simple household chores can be rewarded with pocket money. As they get older, expand the complexity and depth of the information you share with them.
- Open money conversations
Don’t let money be a taboo subject in your home. It’s not something to be feared or hidden, and openly discussing money fosters an understanding of how it works, how it should be managed and what it can accomplish. Children must also feel free to ask questions; this is the quickest way they learn.
Being open about money teaches your child that money is a tool that can be used to their advantage, rather than something that controls them. We work to earn money to meet our needs and maintain our lifestyle. According to Mimi Hewett, relationship and family counsellor, our worth, happiness and identity shouldn’t be rooted in how much or how little money we have.
