Top 5 Ways to Raise a Generous Child at Any Age

Having a healthy life also means that money doesn’t stress us out. It is important to have a relationship with money that:  meets our current needs, saves for future lean times and retirement, and allows to us be generous to others and ourselves occasionally.

Many money advisors advocate giving money to charity in order for you to have control over your money not your money have control over you.

It is important to live within your means.  Don’t wrack up debt.  Don’t fall into the trap that the TV tells you that you must have stainless steel appliances or designer shoes.  These are fallacies because this “current in thing” is ever changing.

How do we pass good money management on to our children?  Children watch what the adults in their lives DO not what they say.

• First off we must be good money managers ourselves.
• Secondly, it is important to talk about money management with your kids.  If you never talk about how you budget, or why you choose to spend your money on one kind of vacation over another they will not learn the strategies for making good choices.
• Lastly, encourage your children to be generous towards others and when they are generous compliment them.  It is important for us and our kids to learn to value others as important as ourselves.

A great practical way to help children understand good financial health is to give them an allowance.  Then label 3 jars: SAVE, SPEND, and GIVE.  When they receive their allowance show them how to distribute the money for wise budgeting.  Give them free reign on the SPEND jar to make good and bad choices which they will learn from. But this also is teaching that you don’t SAVE or GIVE from the leftovers.  It was a choice you made at paycheck (or in this case allowance) time.

Managing our money is important for our own health.  Let’s pass good wisdom on to our children too.