It’s never too early to start teaching your children about money. In fact, the sooner you start, the more likely they are to find financial security in later life. Having money awareness from the off will allow them to make stable life decisions. Most parents want their children to get all their dreams. This includes their dream home. Mistakes made early in life can stop that happening. Help your child make the right moves to ensure they get the home of their dreams when they’re older.
THE IMPORTANCE OF HARD WORK
Teaching your child the importance of hard work is the first step in ensuring they achieve their dreams. When you’re young, it’s hard to take education seriously. Encourage your children to take responsibility for their learning. The better they do at school, the more likely they’ll be able to afford a house when they’re older. Encouragement is easier said than done. Helping your children realise their dreams will go a long way towards giving them an incentive. Remember that your dreams might not be the same as theirs. Take a step back and help them realise what they want. Have conversations about the future and see what their plans are. Children can get carried away. If they go off on a tangent, try to bring them back to the considerations they’ll face down the line.
HELP THEM CHOOSE A CAREER
When you’re young, you’re asked to make the biggest career choices in your life. It seems strange when children rarely know what they want to do. Choosing the wrong subjects at school and college can hold your kid back. It can even stop them getting what they want. Without that good paying career, they’re unlikely to get the million pound mortgage and dream home. Again, be sure to let your children make their own choices here. The best thing you can do is make sure they’re aware of their options. It might help to show them what problems the wrong choices can cause. Give them an idea, too, of the financial situation each career choice would land them in. Children and young adults often make decisions based on what their friends are doing. Make sure your child knows which jobs offer the best future and makes decisions based on that.
TEACH THEM THE IMPORTANCE OF SAVING
Even with a high paying career, your child won’t be able to achieve that dream home without some savings. Teach them about the importance of savings from early on. If they receive pocket money, it’s worth limiting this. A smaller amount of pocket money each week will mean that they have to save up for the things they need. Financial knowledge is the whole point of pocket money, after all. Without starting early, your kid is unlikely to be able to afford a deposit or mortgage. Talk to them about your saving process, and what it has helped you to afford. Show them, too, what they could achieve with substantial savings behind them.
