Did you have trouble learning to handle money as an adult? Did your parents teach you about money when you were a child? What are you teaching your children about money; its value, your relationship to it; as well as how to handle it?
Parents teach their children many things, both good and bad. Behaviors and beliefs are implanted from a very young age, both consciously and unconsciously. Only by understanding your own relationship to money, can you teach your children to respect and use money for their own benefit, and the benefit of others.
A qualified finance planner can help you better understand your relationship to money, which will also help you better teach your children the value of money and how to establish a healthy relationship to money.
Clients often ask me about resources to learn about educating their kids to be responsible with money. Here are a few I think will be valuable to you – and your children:
- “Raising Financially Fit Kids,” by Joline Godfrey, offers suggestions of appropriate skills and lessons for kids organized by developmental stages.
- “The Price of Privilege,” by Madeline Levine, Ph.D., is another impactful book that looks at this subject more broadly – how we “spoil” our kids, the damage we can do, and how to raise self-reliant, resourceful, resilient children.
- “The First National Bank of Dad: The Best Way to Teach Kids About Money,” by David Owen, offers a different perspective on how our kids perceive our lessons on saving and a system that can engage kids in saving and investing as well as giving.
- The work of Nathan Dungan at www.sharesavespend.com puts the focus on giving, to help kids learn that they can make a difference with their money; builds awareness of the media messages that children receive; and advocates a focus on giving, to counter the powerful spending messages that our kids get every day.
- Zela Wela Kids is a blog which offers “Financial literacy products for children,” including books, CDs, and other learning materials, as well as other free resources and a blog by Nancy Phillips, offering tools to help parents teach their children about money and responsibility.
Many parents refuse to give their children money or an allowance because they fear their kids will spend on it stupid or forbidden things. The truth is that kids need experience handling money; chances to make mistakes and learn your family’s limits and values about spending and saving, before the stakes are larger and the risks are greater. Children need to learn lessons appropriate to their development.
If you need help teaching your children about the value of money, Tamarind Financial Planning is here for you, with individual financial planning strategies and personal investment management techniques to help you understand your own relationship to money; making it possible for you to share with your children.
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