It is important to know about the principles of proper handling of money from childhood. Do not deprive a child of pocket money, control his expenses and pay for housekeeping. We suggest that you familiarize yourself with these and other errors in the financial education of the child.
1. Ban on talking about money
Many parents prefer not to devote their children to the family’s financial affairs. Usually, talking about planning a monthly budget takes place without their presence. As a result of this, the younger generation may have a misconception about the purpose of money, and at a more mature age there will be difficulties in managing their own funds. Remember that discussing the family budget is a completely normal process that should not be hidden from the child. It helps to understand how to spend money, thereby shaping financial literacy.
2. Lack of pocket money
Having your own money allows children to feel independent. From about 6 years old, try to allocate small amounts to your child weekly or monthly, which you can use at your own discretion. With age, he will begin to spend this money wisely - pay for the Internet or purchase gifts in honor of any holiday.
We read on the topic: Children and pocket money. How to teach a child to relate to money - https://kid.htgetrid.com/en/eto-polezno-znat/kak-nauchit-rebenka-pravilno-otnositsya-k-dengam.html
3. Continuous monitoring
Do not forbid the child to buy something with pocket money or scold him for another unnecessary waste. Of course, you want to teach him the right way to handle finances, guided only by good intentions. However, it turns out that the allocated funds belong to your children only formally. Such a tough approach gives rise to a feeling of insecurity - the child is constantly afraid to make a mistake and anger her parents. Get ready for the fact that initially attempts to spend money independently will be erroneous. Only in this way valuable experience is accumulated and desires and opportunities gradually begin to be measured.
4. Total lack of control
It is important not to go to extremes, trying to still take part in the financial education of the student. He must be sure that he has reliable support in the person of his parents, who will give wise advice and support. Be sure to voice the basic rules for handling money: take small amounts with you, do not tell your friends about your “wealth”, and avoid gambling and disputes. Give advice on how to quickly collect the necessary amount for the acquisition of the coveted toy.
5. Cash reward for achievements
It is not recommended to use money as an incentive - this applies to both good grades and good behavior. A child attends school not to earn money, but seeks to acquire the knowledge and experience necessary in his later life. This is practically the only serious task for a student during the entire period of stay in a secondary school, so learn to instill a craving for knowledge in some other way. In an extreme case, let a useful thing be a gift for a report card with excellent marks - a computer or a sightseeing trip to another city.
6. Payment for household assistance
The constant delivery of funds for a carefully cleaned room or watered flowers on time is not the best solution. Children will quickly become accustomed to this method of “earning” and in the future refuse to do something for free. But the mother does not receive a surcharge for the cooked dinner, and the father repairs the broken vacuum cleaner completely free of charge. Teach the child to the idea that all family members should equally care for the house and create comfort in it. It is better to provide a teenager with intangible privileges for buying food or helping raise a younger brother.
7. Measuring everything with money
It is necessary to teach the child to correctly distribute values, without neglecting spiritual education. Of course, a financially successful person has a lot of advantages, but security does not at all imply the existence of unlimited possibilities. It is worth explaining to children that the importance of a person is not measured at all by his well-being. Books, illustrations or films, the main themes of which are love, friendship, kindness and mutual assistance, will help to formulate the right attitude towards intangible values.
8. The selection of earnings
Often teens want to make some money during the summer holidays. No need to take their entire salary from them to replenish the family budget. It is better to ask for food for the whole family or offer to partially pay for the general trip to the cinema. At the same time, part of the funds should still remain with the teenager for personal needs. It will be useful to inform him about the possibility of capital accumulation - for example, a tenth of the money earned can be deposited on a monthly savings account.
We also read:How and why should children be encouraged? Do I need to use money as a reward? How not to praise a child -https://kid.htgetrid.com/en/psihologiya-detey/kak-pravilno-pooshhryat-rebenka.html
9. Choosing a Salary Profession
There are many professions that do not involve career growth and solid earnings. A teenager has the right to choose a profession he likes and realize himself in a field close to him. You may not like his choice, but you should respect him. Offer to discuss his plans for the next few years. Ask who he sees himself after graduation, and ask if he will be completely satisfied with his life if he gets the desired job. The most convincing argument will be the example of parents. Share with your children your personal experience in choosing a profession, climbing the career ladder and your own achievements.
10. Money manipulation
The main purpose of issuing pocket money is to lay the foundations of financial literacy. With their help, the child feels independence and responsibility for their own actions. Make the process of receiving money transparent and obvious. It is recommended to establish a clear and consistent payment scheme for a certain amount, which should in no way affect the relationship between parents and children. Depriving pocket money is only for serious misconduct.
Read on:
12 rules for issuing pocket money to children (personal experience). Plus video expert advice -https://kid.htgetrid.com/en/eto-polezno-znat/12-pravil-vyidachi-detyam-karmannyih-deneg-lichnyiy-opyit-plyus-video-konsultatsii-spetsialistov.html
How to answer the child where the money comes from mom and dad? - https://kid.htgetrid.com/en/otchego-i-pochemu/kak-pravilno-otvetit-rebenku-otkuda-u-mamyi-i-papyi-berutsya-dengi.html
Parenting: Children and money. Evening tea with N. Akhmedova
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Pocket money: why and when to give them to children?
Should parents give pocket money to their children? When to start doing this and what amounts can we talk about? These very difficult questions are answered in the program “Rosina-mother” by financial adviser Elena Eidelman:
Psychologist Tips Elena Gromova
It’s so strange that they don’t recommend using a monetary reward for good behavior and good study, because it was this tactic that my parents used, but I always had pocket money that I could say “earned”
The child does not need to be given and accustomed to pocket expenses, the child needs to understand that nothing is given for nothing, so you will immediately teach from childhood what you need to earn and just like that no one will give you.
The child is better controlled and encouraged. If we give money, then a certain amount is necessary, just so that I can go to the store for sweets, sometimes for toys too. The child does not complain.
The recommendations are good, but the causes of parental mistakes are often not in ignorance. If you do not eliminate the causes, then the errors will inevitably be repeated.