The Vedic beliefs are that you must treat your child with nothing but smile till the age of 5, with a cane till the age of 15 and as a friend, from the age of 15 onwards. This holds true while you are seeking ways of budget building. Just the age limit in the 21st century has come down to 10. Since the age of 10 on an average it has been seen that kids become conscious of the financial transactions increasingly. This is precisely why teaching your kids about money is the best budget building trick up your own sleeve. The 3 top things that you must teach your kids about money are:
The family values everyone’s opinion
You must make sure that your child gradually comes to know the realities, be it pretty or not, of the financial health of the family. And no matter how irrelevant, ask him about his opinion on little things like if he feels he can take a public bus to school for some time till you can arrange for him to have his own bike. Or maybe you can let your daughter decide if she wants dolls for Christmas or wants you to spend the same on a set of novels. Remember at all times, you must come clean with your child or children. They will love you no matter what. But if you make huge promises and fail to deliver because you have been hiding your financial weaknesses and they get to learn it from somewhere else, they might not forgive you. You and your kid can be great friends if you know how to open up to him or her and allow them to do so with you too as they realize how you value their support.
Warn them about borrowing
Experts believe that the tendency to borrow begins at a very early age. It begins with little acts of asking for a pencil to borrowing matching shoes and leads to gradually borrowing money that slowly can turn into major debt crisis. Teach you kid that if he hasn’t taken a pencil to school he must do without a pencil and be ready to deal with the consequences. If your daughter has to borrow a scarf, she must make sure that “before” borrowing she gives the friend something in return to use. And no matter what, borrowing money must be avoided at all costs. If possible give instances where you have suffered debt crisis or seen someone do so. Make sure you child grows up believing in debit, not credit cards.
Keep the values strong
Most importantly, your child must know that there is no short cut to be successful and a self made human has to abide by the law of the state and humanity as a whole. Hard work is the key to happiness.
Take advantage of the Web
you can let them have a visit on the internet, some sites has create fun videos and games that teach kids about money, it really works well and help your kids about money knowledge.
Be good so that you proudly preach what you follow.