How To Ensure Your Children Are Financially Literate: Part 2

Having looked at How To Account For Money let us look at Principle 2

2.   To get money you need to work for it

Most children of generation X and Y parents believe that money either comes from the wallet or the wall (ATM). The concept of working for money eludes them.

We need to change this mentality as it is causing a lot of rot in the next generation. 

This does not eliminate the need to give the children any allowances if we can afford it.

Where to start?

There are certain household chores that we normally pay people to do. How about we pay our children to do the same?

Pay Children To DO Some Chores.

For example if you normally get someone to mow the lawn or wash the car , how about you get your children to do the same for a fee. This can be introduced when they ask for any extra money or it can be a way to earn the weekly allowance.

As a note this does not eliminate the fact that we need to teach our children basic household chores. Those should continue to be there and they should not be paid for the same.  Example washing the dishes, cleaning the room.

As you are giving them the work explain to them why they have to do the same. In the same vain let them know what your expectations are. If they don’t meet the expectations they will not get paid. They will grow up to be people of integrity.

At this point you can be creative about the chores.

Example Watering Flowers is a Kids Delight.

Once they appreciate doing chores and earning they will see the value of money.

How to ensure your children are financially literate Part 1

Simple explanation of Debt Ceiling

Why it Pays to Invest in Gold

Damaris Musinguzi is the Author of 10 things your children should learn about money. She also runs an online business  Utensils r us which is one of the first in Kenya.