“An early understanding of financial concepts accounts for the wealth gap between the affluent and those with low incomes”.
Now that I am older and wiser, I wish my parents had taught me certain things about money. It would have made a whole lot of difference and made the roads to “riches” a less bumpy ride.
Financial literacy is one of the best gifts you can give your children. So here are 7 things I will teach my children about money:
1. Money doesn’t fall from the skies or from a genie in a lamp. Stop looking for quick ways to make lots of money. You must make money to be able to spend money. Spending money should only happen after you have earned it.
2. Have a budget – track your income and expenses. Spend within your budget. Monitoring your expenses helps you make wise spending decisions.
3. Delayed gratification. Start out by spending money on needs and next on things that generate more money for you. If you can’t pay for it , then don’t buy it, wait till you can. Fun doesn’t have to cost an arm and a leg – can be free or low cost.
“Saving and how to make money topped the list of money topics kids want parents to talk about more often/”
4. You must SAVE!!! No matter how small the money you earn is, you must always save something. This is one habit to inculcate from a very early age. Do not save what is left after spending, spend what is left after saving.
5. It’s not enough to just save, invest your savings wisely. Ensure the money saved is generating income – fixed deposits, stocks, etc. Don’t invest in assets that bring nothing in and in low return account.
6. Give back – Also budget to give a little back to help someone else. /poor, less privilege.
Global Money Week is an initiative to raise awareness about financial education. Teach your children more about money and financial literacy with fun games from 9ijakids. Let them learn about earning money with Kiddipreneur 101, about saving with Piggy Saving or let them just have fun with buying and selling in our Super Sale game
Learning about money through games is a sure way to help kids understand and remember vital money lessons.
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