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How To Teach Kids About Financial Facts

Posted In Money, Parenting, Parents, Savings, Your Child - By KidsMug On Monday, April 8th, 2013 With 0 Comments

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Life has different phases and therefore ups and downs are a phase of life. Sometimes your financial condition may be very good while sometimes it may be tight. Parents do not want that such tough conditions come in front of children and hence try to stay cool and calm. But sometimes the situations are so worse that you need to tell your children about it. It is really a difficult time to share financial problems with your kids especially when they are too small. The parents have to be wise enough to handle the pressure and smartly tell the kids so that they become aware of the problem but do not get worried. It is the parents who will decide how much the kid should know and in what limit.

In this article we will discuss a few things as to how you should handle the stress and also discuss it with your kids without making them worried.
Be clear to your kids

If there are any financial problems then ensure that your children are made aware about it. If you have made any changes in the monthly budget let the kids know about it so that they can limit their expenses. Whether they are small children or older ones do not go deep in to the topic as this may get puzzle them or affect their studies if they think a lot about it. It is not good to put burden on shoulders but don’t fool them and tell them the things which are necessary for them.

The parent’s best know the nature of their child so you need to take steps accordingly. If your child is a bit sensitive do not share everything with them. Limit your discussion and just concentrate on lowering the expenses and saving money for future. If your child is big enough to understand still you should not disclose any personal details but just stick to what is needed on their part. As parents can understand the impact of such things on their children keep them away when any financial mater is discussed so that they can concentrate on their studies.
How to manage younger kids?
When kids are small they tend to discuss their prized possessions with other children. If you are suffering from financial loses it may be difficult for you to accomplish such needs of your child but don’t scold them when they come with any demand. This is the time when you can teach them a lesson that one should be satisfied with what they have and never compare it with other possessions. This is a good time when you can make your kids understand the importance of money and one should spend it on necessary things only. If you make them understand the kids will really feel your love and understand whatever you say to them.

If there is some special occasion you can postpone the wish list of your child but offer something which they like. You can take them out for a picnic where you can spend time with them. This will be the most wonderful gift which a child can get.

 

How to manage preteens?

Preteens are big enough to understand everything hence you can ask them to do a little saving from the pocket money which they receive. Though this is a very common habit which is found in many children but if it is developed from a small age it will be good for you. They can even earn money by doing part time jobs like singing in choir and motivate them for such things.

 

How to manage teenagers?
Teenagers are very much aware of what is happening around so if there are financial issues in your home they will surely understand it. They can go out and do some job which can be a helping hand for the family. Try to enjoy with your kids at home or in activities which do not cost too much of money. Admire for all the support they give you as this can be a gesture that will help them to move forward. Never stress yourself but try to be calm as the responsibilities of the entire family rest on you therefore you have to be patient enough and go on.

 

Hence parents have to talk keeping in mind the age of their children and the impact of such things on their mind.

 

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