Money Habits That Children Shouldn’t Be Taught

Children are quick at grasping, they inadvertently learn from everything around them, especially from their parents. Parents are the guides to their children in every aspect and particularly when it comes to money. Here are the five important things parents shouldn’t do with respect to money, according to news.com.au.

It is very important to make children understand the value of money. It can be taught only when money is spent on buying worthy stuffs. Sticking to the shopping list in supermarkets is crucial as it helps children to understand that everything is bought for the need and not for the like. Parents should resist the urge of buying for the like as children are very likely to develop the habit that might last for a lifetime.

Use of plastic money is something that make children underestimate the value of money. Children tend to believe that it is possible to buy everything with just a card in hand. Remember, children are noticing only the credit cards in hand and not the efforts taken to repay them.

Parents should avoid complaining about money before children as children might develop an aversion towards it. When parents complain about their difficulties in making the ends meet, children might start thinking that making money is a terrible thing for them as well. Parents shouldn’t be dishonest in money matters even if it is just a penny or two, since looting a dollar from the cash counter is as bad as teaching them burglary.

Many parents save money in the form of deposits or assets with their child’s future in mind. Parents should not make use of such savings on credit crunch, doing so, children tend to take advantage of the family’s funds for it is better not to let them know about the savings at all.

To report problems or to leave feedback about this article, e-mail: saranya@ibtimes.com.au