Bringing Up Responsible Children

Bringing up your children responsibly & healthily is a privilege given to parents. Below are tips on bringing up your children well including financially.

responsible-children

Limit TV Time & Screen Programs
– Have TV time as a time for a family to bond together & not as a babysitting tool.
– Also kids who watch too much TV are more likely to be overweight & unhealthy.
– Encourage reading which broadens the mind & opens up new worlds.
– Art, music & various activities are fun & build up the body.

Help Out with Housework
From a young age teach your children to help out at home. For example by age:

  • 2-4: keep toys & tidy up after playing
  • 5-7: set table for meals; help out with parents doing housework
  • 8-10: change bed sheets, keep clothes after folded; keep groceries after shopping
  • above 11: sweep floor, fold clothes, simple meals preparation, etc

Teach How Money Works
– If your kids always see you only withdrawing money from the ATM, they will think that there’s a magic box where money comes from. Show them you putting money in. Insist that your kids save at least 1/3rd of all money received.
– Teach your kids to budget. Start giving your kids allowance on a weekly then monthly basis. All expenses (movies, fast food, phone bill, etc) are to come from their own account.
– Teach your kids how to set goals & save for them for something specific that they want. It can be something more expensive like a gadget or as simple as an ice-cream outing. Consider offering a reward of topping up or doubling the amount of money saved for big goals.
– Teach your kids the difference between wants or needs. (And practice what you preach!)
– Teach them to give to charitable causes, church offering or non-profit organizations like orphanages. It may be an excellent opportunity to volunteer time too!

Quality & Quantity Time
– Spend both quality & quantity time with your kids both as a family together & one-on-one (especially if you have more than 1 child) . Setup one-on-one dates with mommy or daddy focusing just on him or her quality time.

Eating Out
– If your child is very young, have a restaurant bag with crayons/color pencils, paper, small puzzles, etc.
– Set a no gadget ruling when dining & get everyone used to actually talking & enjoying each other’s company over a a meal.
– It may be worthwhile to sometimes eat at restaurant chains that offer free meals for kids with an accompanying adult.

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Helping you to simplify and grow your Personal Finances. Follow MyPF.my on facebook to get the latest updates!

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