You can teach your children a crucial life and financial skill. When they apply this simple principle, your children will reap the benefits of it for years to come.
Do you remember the last time you saved your own hard earned money for something you wanted?
You know…that purse you had your eye on for weeks, if not months?
You decided that you’d strategically set money aside so that it could be a birthday gift to yourself… and you would have it by your birthday — no questions asked.
When your birthday came, you walked into the store and bought the purse that you worked and strategized for….A birthday gift to yourself.
You felt a sense of gratification knowing that you achieved your goal.
And how could you ignore how good that purse looks on you?
When you save your money for whatever you need or want, and you absolutely have to get it done by a certain time, you are applying a principle that that will help you to achieve your dreams — having a goal with a deadline.
This principle is one that even children could benefit from.
Let’s say your son wants a new game system for Christmas (and we all know that those game systems ain’t cheap). If you have the expendable cash, it is perfectly fine to purchase that Xbox One.
However, you still have options that will be more beneficial to him in the long run:
- You can help him develop a plan with a definite end date and goal so that he can purchase it himself.
- Or you can show him that you’re willing to help a brotha’ out and meet him halfway. But only if he is able to have his portion of the money by a certain date.
By doing either of the two, you are helping him to develop skills that will last him a lifetime.
You are teaching him the purpose of having a goal with a deadline, you are teaching the discipline of saving, and by having him meet you halfway, you are keeping some of your money in YOUR pocket.
Ahh! You see what I did there?
You are teaching money management principles while saving some of your own dollars! Now that’s what I call a win-win!
As a teenager, it may be a game system. As a young adult, it may be a new car or home. And as one who is aging, it will be saving towards retirement.
Whatever their goals will be, you can plant seeds of financial success in your children by helping them to save for the things they want.
They might not like it at first, but they will thank you in the years to come.