As parents we all want to teach our kids about life, this includes teaching them about managing their money. As parents we want the best for our kids, which includes having the best financial lives. Each and every day there may be something that our kids do that make us proud and hopefully, as parents, our children are also proud of us. Parents spend their lives teaching their kids about life, love, money and manners; but what can we as parents learn from our kids?
Learn about money management from your kids:
Money is simple math. The basic formula for being wealthy and always having money is to spend less money than you make. Money management doesn’t have to be a complicated task, if you always make more money and spend less. This way you will always have a positive balance in your bank account.
I know that life can sometimes throw us a financial curveball and this is why it is so important to make a family budget and stick to it each month. It may be tempting to want to spend money, but sometimes we have to resist the urge to spend in order to save.
Always ask questions. Kids are curious creatures but that’s how they learn. The same thing can be said for adults and money management. If you aren’t sure where to start learning about money management, then ask questions. Your friends, family members and co-workers may have great money advice.
If you aren’t open to discussing money with your close family and friends don’t worry, there are tons of helpful financial resources available to you for free. If you are looking to learn about money management, you can search online for personal finance blogs, you can sign up for an online budget tool (such as Mint.com), or you can visit your local bank branch. Most financial institution websites have a resource page which is full of helpful information on banking products and services.
Kristina is a lifestyle and personal finance blogger on My Diary Entry who also contributes to QuickQuid - a UK cash advance lender. You can view her posts on QuickQuid and you can follow her on Twitter @TKBlogs.