Today, Azàland recommends early on healthy financial habits inculcation into kids either by active learning or passive impact. From the very moment of birth, a child starts developing financial behavioral habits. Consider all the messages, impressions and signals kids receive related to money: from parental models, media and advertisements, peer and societal influences to spend. Research demonstrates that this financial habit has formed and taken firm root age by the age as low as 5 years (around primary 1).
Conclusively therefore, it is essential for parents and teachers to make conscious and consistent efforts to discuss finances, model good financial decision-making, and provide opportunities for kids to practice:
1. Earning money
2. Budgeting their money
3. Saving money (piggy banks, kolo), and
4. Spending wisely.
They are better inculcated at early stage especially while the kids still have the safety net of living at home and being supported by their families. At Azàland, we desire to provide all the motivation, platform and resources to help parents and kids.
BENEFITS (SUMMARY)
Below are the attached benefits under each heading in summary.
1. Earning Money
When kids at early stage experience what earning money looks and feels like, this tends to make them appreciate its value more, unlike kids born with silver spoon who got everything prepared for them. Average kids who have experiences earning money tend to grow up to be smarter with money.
2. Budgeting
Teaching kids to budget is a great way to prepare them for life reality where we have limited resources but unlimited wants, and then needs. Budgeting Knowledge and practice will inculcate being in charge of financial life from early stage. The benefits are many. They will learn to keep records, track expenses and exhibit many other wise money tactics.
3. Saving
Buy your kids piggy bank or kóló. Let them start keeping some change or extra money there for future use. This single practice will never leave them when they grow up. Parents, start this today.
- Kolo, piggy bank. Image credit: Google
This will need practical session. Let your kids experience Spending so that they can pick the lessons of wise choices. Take advantage of such moments to inculcate some important money lessons.
They will learn to be conscious about spending, not to be lavish, or extravagant. They will learn moderation when it comes to ostentatious and fake lifestyles paraded on the media by negative influencers.
If parents fail to teach their kids at home, trust me, there are myriads of teachers out there always ready to teach them: their peers, television, movies, music, Facebook, Tiktok, Instagram, Twitter, influencers, celebrities and many more.Teach a boy in the way he should go. When he grows up, he will not depart from it.
Who would you rather trust to teach your kids? Obviously not the polluted internet.
We encourage parents especially today to take special and urgent interest in the financial education of their children. It is one major way to groom them right and prepare them for the adulthood ahead of them. It is a great legacy to hand down.
ADVOCACY, EDUCATION BY AZÀLAND
Azàland has created this safe enabling environment (online platform) for healthy discussion on finances for both old and young. Also, in collaboration with right authorities, finance education programs will be administered via #AzaLearn or #Azademy soon for Kids, Youths and Adults with powerful curricula.
CONCLUSION
Child upbringing is synonymous to building a house. Which kind of land are you building upon? And what foundation are you laying? Early sound financial knowledge and skills impacted into your children is like building on a solid foundation like building on a rock with quality materials. The structure will withstand many storms.
Stay tuned.
(c) Azaland.com
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Yours truly,
Jared,
Azàland
