teach kids about money

How to Teach Kids About Money to be Financially Wise

I am a self-confessed ‘gastodora’

I wrote this article to share my personal experience on how teach kids about money. My husband and I had been through difficult financial situations before and realized we had to control our finances. Not every one of your friends will be there for you when the dark days come. Or they may be there for you, but can’t actually help you because they themselves were broke financially.

As parents we want our children to have a better life than we have sowe teach them every single lesson we could. It is very important for parents to teach their children the value of saving money. The mere fact that we’ve experienced financial difficulties, the more we do not want our kids to do the same. That is why we must teach our kids how to handle money correctly.

I started giving money (baon) to my eldest – Maddie when she was in second grade. Take note though that we started with just five pesos a day plus of course food as their legit baon. I did the same thing with Macy, my second child. I thought at that time that I had to start early in teaching them how to handle their finances. Prior to giving them money, I spoke with them a hundred times and taught them how to buy, what to buy and to keep what’s left of it.

It was not a perfect drill, because during the first week, Maddie lost the money. I didn’t angry at that time because I didn’t want her to have an impression that money is all that matters. So I told her to be careful the next time. In my heart I was a bit doubtful if I was doing the right thing but then I trusted my motherly instinct.

The second day, she was able to spend the money I gave her at the canteen however she was not able to get the change from buying a cookie bar. So I taught her again to ask, wait and count her money. Macy’s story was hilarious, nakakainis, nakakagalit all at the same time, believe me it was a nightmare.

It was a long journey before finally getting to a point where they were able to save a portion of what I give them. Maddie is now in fifth grade while Macy is on second grade. I am proud to say that Macy is now getting a long quite well with saving. As a matter of fact she was able to save more than two hundred pesos since the beginning of this school year. Maddie on the other hand is a work in progress. Well I think we all are, aren’t we?

Proper handling of finances should begin at an early stage. Even adults are still working on financially freedom. The earlier we start the better. Do not be discouraged when they don’t get it the first time, I mean hey we all did. What matters is being patient enough to teach them this very important aspect of their life that they will bring until their last day alive.

Let us give our children a better future by letting them learn from our mistakes. I must confess that I still suck at this, well I’m still learning and I am a work in progress. This is a journey that should be traveled with guidance from us as parents so our children can have a good shot at a great future.

Read the 5 Important Money Lesson to Teach your Kids here.

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