Many millionaires and billionaires are teaching their own children how to save money as early as the age of five. These great personalities know that the value of money is important to learn from a young age so that a sense of frugality can be instilled in their children.
Being frugal is one of the best-known secrets of the rich around the world. They may look glamorous and spend too much, but in fact, they are just being wise with their money. They have professionals in managing your assets and liabilities to ensure your longevity in being wealthy. Their lavish lifestyle is often sponsored by business affiliates or colleagues, though some indulge in articles from time to time, but not all the time. Their discipline has been instilled to prevent them from spending their wealth.
That’s why children should be taught the art of frugality and the value of money regardless of whether their parents are filthy rich or average. When children are still babies, parents tend to give them everything they want and this can lead them to think that they can have everything they want as they grow up. If parents want to discontinue this authoritarian attitude, they must exercise strong love. There should always be an explanation of why some rules are implemented and why they are disciplined. Of course, with the state regulations regarding the protection of children, the discipline of children must be controlled. Actually, it is enough to talk to the child so that she can understand why what she might be doing is wrong.
When children can get past their bossy phase in the terrible twos, they tend to look up to their parents about many things. This is the “why” stage and parents need to be patient enough to explain to their children what, how, why or when.
Instill frugality in your children as soon as they can open a savings account in your name. Let them put a certain amount of their allowance money in the bank or trust the trusty old piggy bank to hold their savings.
Your son must learn not to waste anything. Encourage your young mind to make something that can still be used, for example paper cups that have been cleaned up can be used as art supplies at school for crafts. During the holidays, tell him not to get what he can consume. Little things like these examples can be instilled in the child unconsciously. So that when they are older, they don’t waste anything even though they can afford it.
The spending habits of today’s younger generations are harder to control as online shopping, gaming and other internet schemes are accessible with just a credit card and a click of a mouse. That is why parents should always find it in their hearts to discipline their children in spending style. Also, warn your child about the danger of online shopping and other risks involved.
Exercising tough love on your child can be painful, but you know you’re only doing it for their own good. Resist the temptation to satisfy all your needs and prevent your children from becoming spoiled children.