Teaching kids the value of money
There are many lessons which children learn in their early years which will set them up for their later years, but one which we should all consider is teaching children the value of money. If your child grows up with no understanding, or even worse a misunderstanding, of the value of money this could cause major problems in the medium to long term. Even though the education curricula in the UK has been expanded to bring in various topics which were not even on the radar 20 years ago, teaching children the value of money does not appear to be paramount.
We all make the mistake of buying children gifts and presents throughout the year when sometimes we may not be able to afford them or we may have to go short in other areas. This can give the impression that money is no problem and take away any understanding that your child may have of the value of money. It is not wrong to say no to a request from your child and ultimately in the medium to longer term you could actually be doing your children a favour by taking this particular stance.
Many children of yesteryear have grown up in a society which is saddled with debt and where credit cards and personal loans are readily available across the board. The sooner you make your children aware that debt can be difficult to shake off, although sometimes it may be required, the more chance they will make a more stable financial environment for themselves in the future.
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