Parents, teach your children about Money! How to budget, save, plan ahead. Did I mention SAVE. Teach them the difference between what is a need, what is a want and what is nice to have.
I was never taught about money as a child. Money as a deep dark secret and I didn’t need to know where it came from and how my parents used money to get food and keep us in a nice warm house. Consequently when I started out on my own I got myself into trouble with credit cards. If it was pretty I bought it. If it struck my fancy or my friends owned one, I bought it. I never asked myself if I needed it or if I would use/wear it. The damage I did at this point in my life took me years to repair.
I no longer look at the sale ads when they come out. Sure if I really need something I check the ads or go on line to find out where it is the cheapest, BEFORE I go out and buy it.
I keep two lists all year long, a NEED list and a WANT list. At the end of the year I am surprised how most of my want items are still there because they were really not needed after all!
Teach your child to save. My brother-in-law told me once “Pay yourself first”. With every paycheck I have a certain amount automatically deposited into my savings. I find that if it is not in my checking account I don’t spend it. You will be astonished how fast that savings account, “rainy day fund” increases!
Get your child a Piggy Bank and have them start saving for that “rainy day” or an item they need. You and they will be glad you did.