x

5 Money conversations to hold with your family

As a parent it is but a wise step to teach your kids how to handle money.

This doesn’t have to be a kind of formal lesson, but simple conversations on spending and saving will do. So, here are money conversations to have with your family:

1. Family Goals

If every person is expected to have financial goals, it makes a lot of sense for families too to have family goals. And while you save for these goals, it is important you let your children know what you are saving for.

Also, every member of the family should have their goals and dreams. You can as a family chat about these goals and how to achieve them.

2. Money Mechanics

As a parent, it’s important you let your kids know how money is earned and how they can do with it.

If your child gets everything handed to him, he’ll probably find it difficult to understand that he needs to work to make money. Let him understand why you go out in the money and return in the evening.

3. Wealth and Work

Wealth comes with work, you can’t make money if you don’t lift a finger. Let your kids know they will make much money as long as they believe wealth and work walk together.

Be positive when you discuss your work with them. Let them know that work is that activity through which you earn money that enables choices.

4. Pocket Money

Giving your kids pocket money when they complete a task that adds value to the family is a valuable lesson that is capable of teaching them about the reward you get for working.

You can also use this same pocket money tip to teach them how to save money.

5. Pay yourself first

Paying yourself first is the first golden rule you need to manage your money well. Apart from paying bills and taking care of other necessary expenses, you’ve got t start rewarding yourself too.

Teaching your kids this rule is a good way to encourage them to be mindful of savings.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Digital Transformation:Uyo to host Social Media Week as COOPA marks 10 years

By Ogenyi Ogenyi,Uyo Uyo, the capital city of Akwa Ibom,...

Constitution Review: Gender Bills Urgent, Pragmatic, Speaker Abbas Tells Stakeholders

By Oladosu Adebola Oluwaseun The Speaker of the House...

Setting the Record Straight on Nigerian workers in Central Africa Republic

PRESS RELEASE In a recent viral video, six Nigerians in...

Fulani terrorist leader ”Ɗari biyar ta fi Bahaushe” neutralized – Security sources

…Masterminder of murder of over 300 innocent souls, while...

Bayelsa U15 Athletics Meet Showcases Rising Stars for National Youth Games

Amgbare Ekaunkumo, Yenagoa   Over 200 young athletes from across Bayelsa...

Diri Calls for Tech-Driven Education, Pledges Housing for UniPort Staff

Amgbare Ekaunkumo, Yenagoa   Bayelsa State Governor, Senator Douye Diri, has...

Outcry as woman buried with 8 months pregnancy in Kaduna

By Achadu Gabriel, Kaduna Barely one week later, tongues are...

Senate approved $21.8bn loan: Mortgaging Nigeria’s future for its present

By Patrick Wemambu Variously described as ludicrous, escalating and unsustainable,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img