7 Mistakes To Avoid When Teaching Your Child About Money
Some mothers and fathers believe that their children are still too young to learn some life skills such as financial awareness,
but developing financial awareness and how to manage money are of the most important skills that children have to learn
from childhood.
In this article, we present to you the mistakes that you must avoid to boost your children financial awareness.
1| Differentiate between need and desire
An important thing when you talk with your child about the basic money management, you have to teach them the
difference between needs and wants by talking about the difference between things like housing and healthy food versus
new toys and treats. Discuss topics such as saving and the meaning of a budget to teach him how to manage money.
2|Money is always there if they need it
It is wrong to meet all your child’s requirements as if money is always there. You must help your child understand that people
earn money from work, and that money only comes through work, in addition to teaching them how to earn money and to
take responsibility through some additional household chores such as washing cars and taking out the trash, which get them
ready for bigger responsibilities.
3|The irony of saving money
When you mock others’ saving money, or describe them as stingy, the child will understand that generosity means spending
a lot of money without awareness.
What is correct is to clarify the difference betwee( generosity, overspending money) and between (miserliness and wisdom)
4. A gift without occasion
You may think that reward is a positive educational way, but when you reward your child for the basic things that he has to
do, such as arranging his room or performing his duties, this give him a high sense of entitlement and that gifts and money
are things he deserves and he will get them without effort.
5 | Over Bidding
It is normal for us to give our children what they want when they want, but giving too much is not a good thing because
they will not understand the value of money or appreciate the way to earn it and end up spending it wrongly.
To have a conscious child, you should teach your child that things have value, and he must save money, such as the
Nintendo device he dreams of or a new tablet.
