Your kids will probably look at you funny for saying this, but teaching them how to handle their money may be a better “gift” than a wad of birthday cash. In fact, discussing money together might even be a learning process for you!
That’s because we tend to get into bad financial habits as time goes on. It’s all too easy to pass these habits on to our children.
It’s well-worth looking at the home budget techniques you use afresh before you start lecturing Junior about the right and wrong way to stay in the black.
As these charming new illustrations from Budget Direct show below, a great way of shaking up your home finances is to see how people in other cultures deal handle cash. You’ll likely discover some novel approaches that make sense in your own economy.
Several of the ideas are worth adopting right off the bat, while others might be adapted to your particular circumstances.
In every case, they certainly give your kids something to think about – and they can start applying the same principles to their pocket money.
In Pakistan, for example, the Islamic principle of Zakat is one of sharing. Pakistanis must give 2.5% of what they earn to charity.
Encouraging your kids to do the same can teach them about selflessness and privilege, as well as prompting them to learn more about charities in your community.
Or the Caribbean practice of Susu: members of a group make a weekly contribution to a central pot. Then they take turns to access the pooled money at regular intervals.
Imagine if your kids actually cooperated like this? Open their minds with multicultural ideas like these.
You don’t know what your kids might be capable of!
Infographic provided by Budget Direct Life Insurance.
