Financial culture in children

Definitely, Among the many “taboo” issues from children is financial culture, When a child asks to buy something, They run into the "no, I have no money, there is no, It does not reach, etc”. But this does not make the child very clear that it is the problem.

On the other hand there are children who are accustomed to the slightest of their whims without taking into account that, Things have an important monetary value (Not so high) and that money to get any good, service or superfluous represents effort and work.

Then, Financial culture, It should be a topic that speaks to children, It is currently ceasing to be a taboo subject, But despite this there are still many errors in money management. According to data provided by the Condusef (National Commission for the Protection and Defense of Financial Services Users) the 20% of adults do not carry a record and count of their expenses, So less than half of the population that is economically active has a savings method.

Not having a saving method, The country's poor financial culture is reflected, So to make a root change it is necessary to instill the correct administration habits of money to children, For the same reason here we leave you some practical tips to start with a financial culture in children in a simple way.

• Money should not be a taboo subject, Well, for a child to familiarize a subject, they need to know him, In this case they know the true value of money, of the effort and work that as parents do to obtain it and to meet the needs of daily life.
• If you give them "Sunday", By assigning an amount every week, Children will know what it is to have money in their possession and how to administer it between priorities, wishes and their differences.
• Talk to them of savings, It is important to manage and manage Sundays with the firm objective of buying what they want, how the purchase of a book, A palette, A video game a movie, etc… However, parents are what should help them have vision and planning in the first weeks for the child to acquire and understand the mechanics of savings and the same planning.
• Motivates and rewards your effort, For a child it is important to feel recognized, Well, raise security and self -esteem, Thus, Try to reward the child if he gets good grades or if I help at home with certain tasks, Thus the child can relate money to the effort and hard work that is needed to achieve it.
• Responsibility in decisions, Children should from childhood to learn the good and bad consequences of any action that they perform or stop, So if he spends all the savings on something that had nothing to do with his initial goal, The convenient would be not to give more money for a while, In this way they will know that what is decided leads to a consequence and will learn the value of it, as well as the importance of savings and planning.
• Preach by example, Remember that children are a sponge, that absorb everything they see, our good and also bad habits, And they don't have a filter, Sometimes they adopt attitudes that we do not want, then, For children to correctly use money, money must be taken into account as adults to do the same with income per month, quincena, etc and share with the children in which each thing is spent, And how much does it cost, Thus children can administer their Sunday, Plan that they invest it or to save it more efficiently.
• Important punctuality, If you are punctual with the child to give him his Sunday, The child will know that "x" day receives money and can be administered correctly, It also learns the importance of punctuality also to make certain payments and is a fundamental part of adequate income planning.

With these tips you can give your child a solid base of financial culture, that I assure you will increase over time and with practice, constancy, Efficient curiosity and economic education to put it into practice in adult life since it is an issue with which they are related from children there will be no problems to continue with the habit later.

Reference: mundoejecutivoexpress.mx