Allowance gives you the opportunity to show your children how to manage money. Allowance in our house is divided into four categories: savings, spending, investment and giving back.
Less than 31% of children between the ages of 12-18 receive financial literacy information at school and only 1% of parents say their kids save anything from their allowance. Wow! We are sending our children off into the world completely ignorant about money. Teach your children how to have a prosperous, success-ready money mindset.
A key factor to raising successful children is the thoughts that we ingrain in our children from a very young age about money. See if some of these resonate with you, perhaps you heard them when you were a child and/or perhaps you say them to your children now.
Sometimes parents get so caught up in giving to their children that they miss what power they do have. It is important to understand the difference between a parental obligation and a privilege.
Use natural consequences or your children’s currency to set up what you feel are the expectations in your house. And, did you know that consequences can be positive?
You may notice that I don’t often get punitive with my kids, I get curious. This leads me to asking questions to truly see where they are at in their life at that moment in time. l invite you to do the same —ask questions of them and their Key Influencers.
My son taught me that something we, as parents, teachers, coaches, etc., might perceive as ‘normal’ or ‘right’, isn’t always the case! When I didn’t see what he wanted to read as the ‘right’ reading materials, I shut him down. When I heard his words and supported him, he blossomed.
Parents need to understand that they are their child’s parent first and their friend second. Sometimes it’s easier to be their friend because you don’t have to have consistent firm boundaries or realize that, ultimately, as they continue to grow, you are the main person responsible for them.
Our children’s key influencers have a great deal of power in relation to forming our child’s confidence and the way they see the world. You want to be cognizant of who they are, as well as the power they hold.