Teaching young boys about money is so important, but a lot of parents put it off until it’s too late. Eventually, your boys are going to leave home and they will have to manage their own finances. If you haven’t taught them how to do that, they can quickly end up in trouble. But if you teach them good habits from a young age, those habits likely will stick in adulthood and your sons will be in a much better position to fend for themselves. Here are some of the best ways to teach young boys about financial responsibility:
Show Them How Much Things Cost
Most kids don’t have a clue about how much things cost. They don’t think about where all of the food comes from or how much the utility bills cost, so they get a big shock when they have to start paying for these things themselves. It’s also important that they know how much big things, like cars and houses, cost, so they understand the importance of saving from an early age. So, why not show them the average house or condo prices, and show them your latest utility bill? If you also show them your earnings for the month and how you budget your money, they will have a far more realistic idea about how to look after their own finances when they get older. Some parents are against the idea of talking to their child about their finances but it will be so helpful to them when they are older, so consider being more open with them about money.
Start A Savings Account For Them
Saving is one of the most important financial habits to develop, and if you can teach your boys to do it from a young age, they will find it a lot easier to build a healthy savings account when they are older. Boys tend to be quite impulsive, so it’s likely that they will spend their allowance right away, even if there is something more expensive that they want. But if you start a savings account for them, you can teach them to put their allowance aside each month to save up for whatever toy or game they are begging you to buy them. If you help them break down how long it will take to save and how much they need to put in, you can demonstrate the value of being patient and saving for the things that they want.
It’s also a good idea to set up a separate account that you put money into. This can be used later in life if they go to college, or to put towards other big life events, like a wedding or their first home. Keep them up to date with this savings account too, so they can see how saving will improve their future.
Let Them Make Mistakes
Making mistakes seems to be essential to learning financial responsibility.
Even though it’s important to teach them the value of saving, you should also let your boys make mistakes when they are young. If you give them their allowance and they decide they want to spend it all right away instead of saving towards something, let them do it. Eventually, they will learn on their own that it’s best to put a bit aside because they will get more out of it in the long term. It’s better that they make mistakes now while they are young rather than making that mistake when they are older and they have bills to pay. In most cases, kids will spend all of their money the first few times and then realize that they should start saving a bit.
Give Them Opportunities To Earn Money
Your boys will value their money a lot more if they have worked for it. Giving them opportunities to earn money from a young age will also teach them the value of hard work when they get older. When they are young, give them chores to do to earn a bit of extra money in their allowance. As they get older, you should encourage them to look for a part-time job at the weekend. Finding work will give them a sense of responsibility and start teaching them about budgeting their paycheck. It’s best that they learn this while they are still living at home so they are not thrown in at the deep end when they eventually move out on their own.
These are all simple but effective ways to teach your boys financial responsibility from a young age. If you can instill these skills in them now, they will stand a much better chance of succeeding in later life.
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