Before kids begin to understand what to do with the money given to them, it is proper to teach them some lessons about money.
But while you are putting them through financial literacy, you should be very careful about what you say to them.
Here are five things you shouldn’t say to your kids about money.
1. I don’t know how I am going to pay the bills this month
Parents need to teach their kids the repercussion of making money mistakes
When you are faced with financial issues and inability to pay bills, always resist the urge to tell your kids about it.
According to Dr Brad Klontz, a clinical psychologist and author of the book Mind Over Money, telling them things like this is considered to be too much financial information.
He said, “We can’t involve them in things they’re powerless to do anything about. Laying that load on a child makes her anxious”.
2. It’s none of your business how much money I make
Teach your children to know that money is finite and that any money spent on an item won’t be available to buy another item.
Kids are very curious and they always have the urge to ask questions.
When your curious child asks you how much you make, it is important you tell him/her something positive rather than saying it is none of your business.
It is understandable if you don’t trust your kids to keep that information private, but it is important you tell them something to satisfy their curiosity. Don’t ignore or rebuke them for being curious.
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3. I work so you can go to school
Teaching kids financial literacy should start with their ability to differentiate between needs and wants
When your kids offend or make a fuss about something, don’t rebuke them by telling them how hard or how much you work to send them to school or buy their needs.