MUM TO MUM

As parents, from the moment our children's are born, we fork out money to ensure they receive the best possible start in life. You may find it hard to imagine cutting costs on your children, but you can do it without scrimping on the things you believe are important for them. 

For many parents who feel they're not good at managing money, this can be a struggle. But i can guarantee that teaching your children to understand their finances will reward not only them but also you. Its important to teach your kids the value of money. By you doing so, it will enable them to make wise decisions with their earnings in the future. The tips in this section will show you how your kids can be responsible for their money, savings and buying decision.  

1. Talking to your children about money

Get into the habit of talking to your children about money the earlier, the better.

2. Accountability and responsibility 

Give your children responsibility for what they spend. Rather than just buying them things as they ask for them, give your kids a set of amounts of cash to spend. Dont give in when they ask for more. For example, if you children are at a school and you give them RM5.00 to spend while there, they will actually think about whether they need an item before they buy it. Your money will last much longer. 

If you have teenage children, help them set a monthly budget it doesn't have to be strict, just how them the basics. For example help them understand that they need to allocate a certain amount of cash from their allowance for clothing and entertainment. Teach your children to shop around for the item they want. 

3. Saving

Encourage your children to save by rewarding them when they do. For example if they save half the money for something they want to buy, you could reward their efforts by contributing the other half. Children get a kick out of having their own money into it. This will help them understand the basic principles of saving. 

4. Kid's bank account 

Setting up a bank account for your children is a simple, easy way to help them save and understand saving. 

Last but not least, i hope that you have managed to absorb some of the tips from this posting and incorporate them into your routine. Remember, it takes only one small step to make a change, but it is essential that you can do it !