The habits and behaviors that will give our children financial well-being must be cultivated during childhood, to be incorporated naturally and not imposed by the adult. That is not in dispute, but who made us literate in money management? Hopefully, isolated experiences, the piggy bank that we were given at some point in our childhood as well as life difficulties.
Setting aside a sum to save whenever I receive an income, making a budget and knowing our spending structure form the alphabet of financial well-being. When our children receive money for their birthdays, other money for a task plus * or any type of income, it is very useful for them to get used to writing down all these sums with their corresponding date. And when they decide to make an expense, which was thought and studied accordingly, they should also write it down. Why? Because they will be learning to deal with money, making their own income and expenses sheet and they will feel that being organized is beneficial and thus they will probably continue to do so in adult life.
As parents it is necessary to include these routines in the lives of our children because they learn by doing, and if it is at home, the better. We invite you to guide the children to have their form, to know how much they have, to know what they have spent and to make this a powerful tool for their future financial well-being.
- homework plus: a chore that is not within your responsibilities and for which we will reward you with money or an incentive of some kind