How to Start Money Parenting – Money parenting is the process of educating children to be financially responsible. This is one way for parents to trust their children with financial matters. The hope is that this will affect their income in the future. Money Parenting is very important for Whizparents to direct their children to be financially careful.
But, this is precisely what is often forgotten, here. Many parents out there think that financial problems are adult problems. Kids shouldn't interfere and they shouldn't have to worry about their finances yet.
Well, that needs to be straightened out again, Whizparents. Why is that? Because having the ability to manage money can provide many benefits when your child grows up, you know!
Now Whizparents don't be confused! Here are some ways to start good and right money parenting.
Read also: The Role of Parental Supervision in Children's Financial Activities, What Is It?
6 Ways to Start Money Parenting
Come on, let's look at some ways to start money parenting. Don't miss it, okay?
1. Giving Snack Money Periodically
Snack money will create a child's responsibility. With pocket money, children know they have money and they have to manage it. Don't let your children not be given pocket money on a regular basis, because it will be difficult for them to learn to manage their finances. So, the first step for parents, don't give money to children if they just need it, okay?
Also try to teach children to set aside a little pocket money. So that parents can understand how their children manage their money.
2. Involving Children in Family Finance
Seems a bit heavy, but this method needs to be done. For example, parents have the opportunity to invite their children to eat at restaurants on holidays. However, the budget is only 500 thousand for 5 people in the family. So, in that way, parents can ask questions, such as "About a budget of 500 thousand, where can we eat, son?" or other questions.
Well, we have to adjust this according to the child's age, Whizparents. This example can be given by children aged 10 years and over, yes. Because they already know much more about calculations. Children can also determine the right place with their parents' budget.
But, don't worry! Parents can also still supervise and discuss with their children if they choose a restaurant that is more than their budget.
Other examples can also be done. For example, want to take a vacation. Parents can ask their children what place fits their budget.
3. Discussing Finance According to Family Economy
This method is again adjusted by the stage of the child's age. For example, for the past 2 years we have experienced the Covid-19 pandemic. Maybe there are parents whose economies have been affected by the pandemic. His business or shop may be deserted, his income will decrease.
Well, it doesn't matter if we tell the kids. But, of course, as a parent, you have to be picky about the information you want to convey to your child.
For example, the child wants to buy handphone new, though cell phone-it hasn't been broken so it's not a necessity. Well, this can be conveyed nicely to the child if, for example, the purchase is postponed because the parents' finances are in a bit of a problem. Also explain the factors because of the pandemic.
Parents must also be open and teach children to empathize with problems that occur in the family, you know! But, adjust the problem, yes. Do not let all the problems beyond that must also be told to the child.
4. Cultivate the view that money doesn't grow from trees
Such a view teaches children that we cannot get money instantly. This view also teaches children that the value of money is very valuable.
So, for example, if your child is whining for something, try to be honest if you can't fulfill it. Parents can also teach their children to save or try to make money to make their dreams come true.
Parents can give special tasks to children to be able to make their own money. We can also invite children to do work they don't like. For example, washing dishes, making beds, tidying toys, or studying, and much more.
So, children know how valuable money is and feel how to make money. In addition to making money, children can also apply good habits at home, you know!
5. Teach Children by Example
Parents are the main teachers for their children. So, even if your parents have sufficient income, cultivate frugality and show them. Give an example of how parents save or record their finances. In this way, the child will imitate and become a habit.
6. Help Children Set aside Snack Money
The role of parents in helping children set aside pocket money is to provide facilities and places. For example, piggy bank or even on money management apps.
Don't worry, parents! Because right now there are many family money management app which certainly provides complete features. Not only for saving money, now financial applications can also direct you to manage finances. In fact, it also provides tips for starting money parenting. Interesting, yes!
Read also: The Importance of Early Money Parenting and How to Get Started
How? Are you interested in using it? money management apps? Come on, use family money management app so that children and parents are comfortable in managing their finances.
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