Teach the value of money.
So many children actually think money just appears into their parents’ pockets. Be direct in teaching your child that that’s not the case. Think about ways to make your child work for the money they’re seeking to purchase toys, video games or anything else they like – perhaps, a weekly payout for chores. This way your children will feel some type of way when spending the money that they actually worked their butts off for.
Discuss bills and budgets openly.
Now, it’s typical in many traditionally Black households that adults frequently tell children to stay out of “grown folks business.” Because of this, Black parents tend to never discuss any financial hurdles they may be facing – such as problems making mortgage payments – or even the growing costs of bills. It’s important to show your children how bills work. Like, for example, how leaving the lights on in every room translates into how much money the family owes on the monthly electricity bill.
Practice what you preach.
Children mimic everything they see their parents do. So, if you recklessly use your credit cards to buy clothes, jewelry and other non-necessities at the mall, your children will adopt that behavior without understanding the consequences of it. Be the financially responsible person that you want your children to be.