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Take advantage of our HELP YOUR CHILDREN TO BUILD A BETTER FINANCIAL FUTURE Guide
Every parent wants their child to have a successful life. Giving them the best educational opportunities is something we all want for our children. But educating them about wise financial choices is just as important as helping them to build a successful educational and career path.
Why is it important to teach children financial skills at early stage of their lives?
- It will form good habits of patience and saving. Just like us they are prone to impulse spending! But once good habits are formed, they will benefit from them for the rest of their lives.
The following are a few techniques.
- In the grown up world, we get our pay on a weekly or monthly basis. Consider giving your children a weekly allowance to cover expenses such as lunch money, toys and snacks. Try to help them set a limit and have them stick to it.
- Help them to make a budget and learn to track their expenses. Check out the free Excel tools such as the budget and expense tracking file on our website. They can teach children about where spending goes. We can also change the expense categories to fit a child’s needs, or your needs. Hopefully in this way they can begin to understand the limit of spending much like we do.
- If your children can manage to save from their weekly allowance, praise them and encourage them to build towards a target like a new game for their PlayStation, Xbox, or clothes.
- Encourage your children to work for their pocket money when they reach the right age. They can take up part time jobs such as delivering newspapers, washing cars, or working as a waiter or waitress. Some of the most successful business entrepreneurs I know began working in small part-time jobs when they were young. It will lay an excellent foundation for their future financial success.
- When you take your children shopping, ask them to help you to compare prices of items they normally would not take an interest in. Try food shopping for example. Don’t start with clothes or toys or you’ll be going crazy in no-time! Let them help you make the shopping list. Include them in the process and work with them at the Supermarket in choosing the best value.
- When I was at school we were encouraged to open a small Savings account and we learnt about the ideas of saving and interest. Open a small account for them and encourage them to deposit regularly. It is a concept we deal with every day as adults. So building simple saving skills from the piggy bank to the savings account can be a great learning process for kids.
- Today’s children are exposed to much more advertising and peer pressure than we ever were. So don1t expect too much at first! But patience and budgeting are like good virtues. Once learned they are never forgotten.
Good luck with their saving! For budget and expense tracking tools1 visit our website www.impacttfs.com.au.
Declaration: We hope this information and these files will be useful to you. Remember, this article has been prepared without specific knowledge of your financial situation. Before making financial decisions or plans be sure to consult with an Accountant or a Financial Advisor.
Declaration: The Excel files and content of this website have been prepared without taking into account your personal financial situation or knowledge of your financial needs. Impact Taxation and Financial Services cannot be liable for any losses or damages arising from using the information provided. It is the user’s responsibility to seek independent advice from a professional accountant before implementing any financial plan.