{"id":542,"date":"2013-09-02T23:38:00","date_gmt":"2013-09-02T21:38:00","guid":{"rendered":"http:\/\/richideas.co.za\/raising-kids-who-are-money-wise\/"},"modified":"2017-09-21T12:39:10","modified_gmt":"2017-09-21T10:39:10","slug":"raising-kids-who-are-money-wise","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/raising-kids-who-are-money-wise\/","title":{"rendered":"RAISING KIDS WHO ARE MONEY-WISE"},"content":{"rendered":"<div style=\"text-align: justify;\">Most of us have kids in our lives \u2013 whether they are our own, our nieces and nephews, friends\u2019 kids or the neighbours \u2013 and we are teaching them about money all the time.<\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<p>Every time you make a financial decision or talk about money in front of a child, you are teaching them something. You could be making a transaction and quickly grabbing a few items down temptation isle or you could be moaning around the <i>braai<\/i> about how high rates, electricity and petrol have risen.These spoken and unspoken communication cues become embedded in young memories and shape the way that our children will manage their money.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">If you have kids of your own, or perhaps you\u2019d like to share this with friends that do, here are five points that you can actively choose to incorporate into your daily ins and outs to raise children who are wise in the way that they make, spend and keep their money!<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h4>1. SPEAK CONFIDENTLY AND OPENLY ABOUT YOUR MONEY VALUES<\/h4>\n<div style=\"text-align: justify;\">Whenever you and your partner have to talk about money in front of your kids, speak confidently and openly. This comes from knowing your acceptable common ground as a couple and knowing your money values.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">When you are alone and the children are out of earshot, dedicate time to communicating confidently and openly with each other around your monthly budget, saving priorities and spending habits; these are your money values. Discuss the values that you believe are suitable for the children to hear, and those that are not: establish some healthy boundaries.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">For example, you might be happy to discuss take-out options (and the costs) or a weekend excursion in front of your children, but you\u2019re not happy to talk about what\u2019s owing on the bond. If your children raise a topic that you both feel is not for their concern, be open with them and explain that there are financial responsibilities that they are not yet old enough to be concerned with and when they are, you\u2019ll teach them.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">If you are confident that you know where you partner stands on these issues, you will be able to be more confident to talk about money in front of your kids.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<h4>2. BE GENEROUS<\/h4>\n<div style=\"text-align: justify;\">Generosity is always a wonderful way to give back and be responsible with a portion of your income. When your children see you being generous with those outside of the family, they will be more likely to be generous too \u2013 and not only with money!<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h4>3. ASK THEIR OPINIONS<\/h4>\n<div style=\"text-align: justify;\">\n<p>This follows on from point one\u2026 and only really works well when you already have established boundaries.To use the same example of take-out ordering, ask your kids what they would like within a certain price range. This helps them to look at a menu and see the prices that are there and develop a sense of responsibility. If they\u2019re under 12 they\u2019ll probably order from the kiddies menu, but at least they\u2019re playing a role in the family\u2019s purchasing decisions and you are forming the early money steps already!<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h4>4. TEACH THEM TO BUDGET<\/h4>\n<div style=\"text-align: justify;\">Giving your children an allowance (weekly or monthly) or pocket money is a fantastic way to teach them about income. Many of my clients expect their children to perform chores for their pocket money, which again re-enforces the concept of remunerative income and prepares them for responsible adulthood.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Once you have a system in place, let your kids know exactly what they would need to pay for and then ask them to set some financial goals. Perhaps it\u2019s a new computer game or an item of clothing that they would need to save for. Teach them how to forecast their income to determine how much work needs to be done in order to earn the money that they need for their goal purchase.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">For example, if you give your child R30 for washing the car and she wants a R300 pair of shoes, show her that she will need to wash the car 10 times in order to save enough. If the goal seems too unreasonable, you could always offer to pay for half if they save half themselves.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h4>5. NEVER BE NEGATIVE ABOUT MONEY<\/h4>\n<div style=\"text-align: justify;\">When we are overwhelmed with bills at the end of the month, it\u2019s too easy to speak and behave negatively around even the smallest of costs. Try and make it a priority to always be positive when you speak about money in front of your children. If you don\u2019t have the money now, tell them to keep the idea and that you might need to wait a little.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Here\u2019s a great website with fun games and activities to get even more involved with teaching your children about money!<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: center;\"><a href=\"http:\/\/life.familyeducation.com\/money-and-kids\/personal-finance\/34481.html\">http:\/\/life.familyeducation.com\/money-and-kids\/personal-finance\/34481.html<\/p>\n<p><\/a><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Remember, parenting is never easy, even at the best of times. Don\u2019t be too hard on yourself or your kids if things don\u2019t always go according to plan!<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Most of us have kids in our lives \u2013 whether they are our own, our nieces and nephews, friends\u2019 kids or the neighbours \u2013 and we are teaching them about money all the time. Every time you make a financial decision or talk about money in front of a child, you are teaching them something. You could be making a transaction and quickly grabbing a few items down temptation isle or you could be moaning around [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":857,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,13],"tags":[],"class_list":["post-542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-financial-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RAISING KIDS WHO ARE MONEY-WISE - Contatto North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/contattolive.co.za\/north\/raising-kids-who-are-money-wise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RAISING KIDS WHO ARE MONEY-WISE - Contatto North\" \/>\n<meta property=\"og:description\" content=\"Most of us have kids in our lives \u2013 whether they are our own, our nieces and nephews, friends\u2019 kids or the neighbours \u2013 and we are teaching them about money all the time. 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