It can be a challenge to help children understand the true value of things. We live in a world where we are surrounded by “things” and sometimes the lines between “need”, “want” and “deserve” get blurred.
Learning from an early age about how to manage money is highly important. Family coaching is a great way to provide you and your family with the tools and ideas necessary to instil a good attitude towards money management in your children.
It’s important that children learn that money is a resource they must look after. If they have money they can do nice things, but if they don’t have money they can’t do anything. By focussing on money management, you are teaching your child not to get into debt or buy things they cannot afford. This is such an important life lesson, as debt is becoming unmanageable for many families in the UK who are now suffering because of it.
Family coaching can provide you with the skills to teach your child this and also how to approach the subject that debt, in some instances, is simply unavoidable – mortgages or student loans, for example. What we hope to achieve through family coaching is the right balance and understanding to impress on your child that money management is an absolute must to live a happy life.
Money management also comes with the bonus of teaching children to be patient. Some of the worst debts that people face these days are from loans or finance because they want something NOW. Teaching your child that they must save money for the nice things they want will ensure that they stay out of the red.
By providing children with pocket-money, you are helping them learn how to manage their finances and save from an early age. Yes, they could spend £5 on a toy right now but if they save and wait until next week, they will have £10 to spend on an even better toy, or the week after that they will have £15 for something else that is important to them.
There is nothing like the joy of watching your child’s early learning to manage their money result in the opening of their first savings account. With the right attitude and patience, this small savings account could expand into something that could possibly pay for their education, a gap year holiday or even their first car.
Helping your children to gain the knowledge and understanding of money management is vitally important to their future as they will appreciate the value of earning their own income as adults. Family coaching will be able to help you broach this subject with your children and help them learn all about keeping track of their finances.
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Next week we’ll be talking about dining etiquette with children…how have your family meals out been recently? And don’t forget to subscribe to the NEC blog so you never miss a post.
Until next time, have a great week!