When you have a family, you need to make sure you’re doing the right things with your money so that you can all live a happy, comfortable life together. Not only that, you want to make sure you’re giving your kids a healthy mindset and attitude towards money to set them up for long term success and happiness. Kids brains are like sponges, and they soak up everything you say and do even if you don’t realize it. Below are 8 financial lessons for families that can help you:
- The Sooner You Teach Your Kids About Money, The Better
Teaching your kids about money early on will help them to understand more about what they should be doing to look after themselves in the long run. One method of doing this is by giving your kids three jars; a spend jar used for small purchases, a save jar they can us for bigger purchases, and a share jar they can use for things like charity or the cause of a loved one. Giving them pocket money is great too, but you must encourage them to be smart with it.
2. Get Your Kids Involved In Money Discussions
Involve your kids in financial meetings and money discussions so they can learn more about how it works. Just make sure you don’t argue about money in front of them, and ensure you use positive or even neutral language - negative language can set your kids up for a negative money mindset, which will do them no favours.
3. Taking Care Of Your Future Is One Of The Most Important Things You’ll Do
Although you can purchase things you think your family will enjoy, taking care of your future is one of the most important things you can do. Looking at sources like https://theentrustgroup.com/self-directed-iras/what-is-a-self-directed-ira can help you to come up with an effective plan for your future. However, you have other options too so make sure you explore them.
4. The Way You Think About Money Plays A Huge Role In How Much You Have
We already mentioned mindset, but it’s worth mentioning again. Changing the way you think and feel about money can play a role in how much you have. Improve your mindset and you might just improve your finances as a whole.
5. Living Within Your Means Is Key
Knowing your numbers so you can live within your means is key. Only use credit in a real emergency!
6. Keeping Track Of Your Money Is A Must
Keep track of everything you spend, even small purchases, apps can help you to do this.
7. More Stuff Doesn't Mean More Happiness
Remember; owning more stuff won’t make you happier. Sometimes it can even make you feel bogged down. Minimalism can be a great way to practice being happy with what you have.
8. Think A Purchase Long and Hard - Never Impulse Spend
Never impulse spend. Think about a purchase for at least a couple of weeks to make sure it’s something that will really benefit your family!