Money may not be the root of all evil, but it certainly is the cause of a lot of family quarrels.
To communicate to children the value of money and how to use it, spend it, save it, borrow it, lend it and earn it, parents should try to clarify their own attitudes and settle their own differences. Young children hear money talked about all the time : “go and buy this or that” “take this money” “that’s a waste of money” “how much does it cost” etc. but what does all this means to the child?
The best way for a child to get first hand experience in dealing with “I need” and ‘I want” in terms of cash on hand is to give him or her allowance otherwise known as pocket money especially if you encourage them to save towards something they dearly want.
A better or even one of the best way of encouraging savings at any age is to reward them. I can still remember when we were young especially during Christmas celebration when all our cousins, aunts, nephews, and other relation even those we don’t know use to come back for the celebration and all our happiness is on how to visit them starting from 25th December till new year been January before the tend returning back. What we use to do then is after we are done with our house chores, we will discuss among us who and who we are going to visit. Even after that, soing to visit. Even after that, some of my siblings, we still snick out to go out by themselves so that their own money will be bigger than ours when we come or even they may tell us to eat rice instead. Our main mission then was to tell any grown up that we see to celebrate the Christmas for us but some funny ones will begin to dance for us or even ask his wife or mother to give us something to eat first, even when we are hungry, we will still pretend to be satisfied so that the gentleman will put his hand on his pocket and settle us as it is mandated that he must give us money before we leave while some will ask you to return the next day. And after the journey for that day, we tend counting the money we were able to get for the day and summit it to our father while some prefer depositing theirs with the mother others enjoy keeping it by themselves but one disadvantaging of keeping it by yourself is that when you misplace it, only you can bear for it. Our intentions after gathering the money is either to use it to pay for our school fees or to buy school bags or other things that is either needed in school or at home.
So it is never too late to teach your children about finances, especially as money can seem almost invisible to them at times. Also, talking about how you earn your money and how you spend it is an excellent life skill at all ages even sending them an errand to buy something from a near by market, shops or mail and if necessary accompany them to do payments via bank either their school fees, house rent, electricity bills etc but age matters a lot in this situation.
Teaching them on how to budget is also very important and it should start from the allowances or pocket money they do receive.