Teach Them about Money Now!

teach-them-about-money-now1

If I knew what I now know about money when I finished university and got married I would have been much wiser and wealthier. How many of us feel like this? It is a pity that our educational system places so much emphasis on academic achievements and does very little to prepare the child they are nurturing for real life.

My take on this issue to is to start when they are young and teach them principles that will last them a life time. And I don’t mean sit down and lecture them about money.

There are simple skills a 3 year old can start learning that will help them plan with what they earn, and grant them the will power to wait before acquiring that desired item if only they could control themselves! This is important as we look out our failed system of handling money that has now driven the country into a recession like none we have ever seen. So what kind of skills am I talking about?

Delayed Gratification is a skill everyone needs in order to be able to plan and make good money decisions that they can work at, and achieve. It is not as easy as we think, but we do know that practice makes perfect. So we should start young so that they can develop good money muscles.

A hungry baby wants his bottle of milk now; he will cry, wail and then throw a tantrum until you feed him. As a child grows older it is important to teach him to wait and not have everything when he wants it.

It starts with routines, set  a time for eating, set a time for watching telly and playing games. All these are training tools that will give your child the skills to manage resources well in the future. Why because he is used to it. You cannot expect someone who has had not practice of waiting for something to now decide to wait 3 months before he buys that new iPhone because he knows if he does now he may not be able to pay his child’s school fees! Let’s face it some of the real reasons why we can’t meet our financial responsibilities has nothing to do with the amount of money we earn!

I have seen from personal experience what damage a parent’s attitude to parenting can have on the children. This idea of ‘I suffered when I was a child. My children are not going to go through the same experience.’ So you give them everything when they ask for it, before they think of asking for it, even if they don’t need it? Things, things, things!

Some children can’t go to the side shop to buy soap and come back with the correct change! The house girl does that. They are even in control of the house maid more than you are! That is actually an issue to talk about some other time.

None of these practices will help a child as they grow into adulthood, at best they will know how to spend money, but they will not be able to make good money decisions as they are not used to waiting before they get what they want. You will not always be around, this is a fact of life so please help the children learn skills that will make them responsible financial leaders of tomorrow. There are lots more to consider when we teach children about financial responsibility but this is a start.

Remember I said if I had known what I now know I would have done things differently. I had to learn that you can be rich, but not wealthy. We need to teach children how to build wealth, savings, investments, penny shares. Money is not wealth: this is financial intelligence. These are important lessons for our youth. Imagine if our leaders actually built wealth rather than what they have now done to the country’s money? Nigeria would not be where it is today!

Let me know what you think in the comment section below.

Advertisements

10 thoughts on “Teach Them about Money Now!

  1. You are right WHAT A GOOD POINT FOR DISCUSSION We should not only teach Ee should get them involve In our time we have a make shift bank where we save money given to us If you need anything you have to save for it with the money you work for by going on errands There was this stamps savings that time too at post office All these taught me to be prudent I learnt from that So my children went through the same style I made them work during the holidays and give them stipends and they save towards resumption They are always proud to visit the bank This is another point that is missing now and if we do not resuscitate it our children s children may not know the value of money Like I said WELL DONE

    Like

  2. Good topic. I always long for that saving culture in my class.i told my pupils to make a save box so that they can use it to save any penny they have. Our educational system is watering, we r not opportune to give the best to the pupils inorder to avoid been queried. This topic is an eye opener and I wish parent could read and understand every step of it. I love this line’ you don’t give the children everything they need’ very important line. Thanks ma.

    Like

    1. You are right. Thank you for getting the children to save. We need lots of teachers taking the initiative to make learning very practical. This will lead to effective education that will last a lifetime. Well done.

      Like

  3. This topic is very interesting, we teachers and parents really need to work more on it….cause most of kids especially those at the range of 2-6 years you can’t do without buying them something anytime you goes out with them so so demanding, thank you so much ma this is an eye opener I personally am going to apply this discipline on my kids and also on the pupils I know is not gonna be easy but we have to give in our best…more grace to all parents and teachers especially the mums

    Like

    1. Thanks Esther, you are right once we realize and start implementing these simple steps, we will find out that are children are growing up with the best money principles in place in their minds. Needless to say I simply mentioned a few. This is a tip of the iceberg compared to what children really need to know. But this is a start.

      Like

  4. Thank you ma for this wonderful write up. I Think the major problem of these children comes from their parents. Just like what you have said I suffered my children must not go through what I went through syndrome is affecting parents of this generation. Some will say because they don’t want their children to steal or beg that is why they are giving them everything.
    Banks have many services they offer for kids which parents can subscribe to. Once again thanks for this wonderful write up.

    Like

    1. You are so right about the opportunities to teach children to save through the banking system. Once we start accepting that there is a need and we talk the children through good practices. They will start putting their new knowledge into action and gradually the situation will get better.

      Like

  5. Wow this is great. Well-done God bless you this is a real eye opener and I am going to teach my kids this. This is so lacking in the school system even in the private schools where parent pay through their nose. I appreciate you God bless you.

    Like

    1. Yes, you are right that we need to include this in our lessons in school, so much to teach! The good thing is that once parents start doing this as well, the gap will be bridged and at least the children will know what they need to know.

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s