Smart money habits aren’t formed overnight. But you can teach your kids valuable attitudes toward money while they’re still young.
Take a look at the following pointers:
Encourage children to do odd jobs around the house to earn pocket money
Kids may not understand clearly what it means to earn money. You can introduce them to the idea by encouraging them to do additional chores like cleaning the garage or mowing the lawn. Pay them with extra pocket money or reward them with treats.
Help set up a savings plan
Once your child is earning pocket money, help them establish a budget and start a savings plan. Allow them to identify and establish goals, so that they know they have to save for certain purchases. You can introduce a reward scheme to get them used to the feeling of achievement when they save. For example, you can contribute 25% or 50% of the amount they’ve saved to their fund.
Let your kids experience your work environment
If possible, allow your kids to visit your place of work. This gives them an idea of how it’s like to work in such environment and helps them appreciate maximising productivity. You can also stress the importance of having a good attitude towards work and how it could mould them as better adults in the future.
Let your kids have fun
Learning never has to be boring. Teach your kids that they too can have fun while being financially savvy. Let them enjoy the great outdoors, be active, and make the most of their youth.
Being money-smart is perhaps one of the best gifts we can give to our children. Good habits, when established early, will enable young Australians to provide for their own future and to start saving for their first property investments.
To know more about smart wealth creation strategies and growing your property portfolio, call us today.