Knowing the value of money is important to your kids. Your kids will at some point in life start dealing with money and the earlier you prepare them for this world of money the better for them. Money is not easy to come by and so you definitely don’t want your kid to misuse money at some point in their life just because you failed to enlighten them on the importance of it.
Despite the fact that money is not everything, money is very important in life. We use money in almost everything we do in our day today lives.
Why money is important:
• Money can buy health.
Most of the times, keeping your body fit and in good health is expensive. Some sicknesses also need a lot of capital to treat.
• Affording basic needs.
The most basic needs are food, shelter and clothing. You need money to afford these needs. There’s no place you will get clothes for free unless they are donations.
• Money can buy happiness.
This is so true. People with different scales of wealth have different kinds of lifestyles. With money, you can have a good lifestyle that makes you happy. You can buy any kind of car, go out for recreations and a lot of other enjoyable stuff.
Why you need to teach your kids importance of money
1. To learn proper use of money.
Your kids need to know the importance of money so they can use money properly. Teach your kids this, using different scenarios in life. For example, you can share some life experience with them, like how you once misused money and the effects. This will make them know that misusing money is wrong.
2. To learn how to budget.
When you teach your kids the importance of money, they will understand the need to make appropriate budgets whenever they are spending their money. They will know how to prioritize needs. Budgeting is a key point in money usage. When you do your shopping or paying bills, show them how you choose what to pay first.
3. Understanding the value of saving.
You have seen scenarios where people just use all their earnings without saving even a little amount, then later they are struck by emergencies that need money and they become stranded. Your kid needs to understand that money is very important and that it should not just be used whenever they get it. Make them understand it’s good to save.
4. To show them that they need to work hard.
Money is very important. The challenging part is that money doesn’t just come. Money is earned and your kids need to understand this. You should teach them that they need money and that they need to work hard to earn it. This will make them strive to get good jobs and careers to get money.
It’s so obvious that you don’t want your kid to learn these things the hard way. You have a chance of making him/her a good financial manager of their own money. Money is a crucial thing in life and needs to be used wisely.
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