The 4 best money tips that parents can give their children | Smart change: personal finance

Do not forget to reward them for their success. Once the jar is full, they can use some of it, but be sure to bank or invest the rest.

2. Be a goal setting coach

Studies have shown that people who learn to set goals are generally more successful in life because it leads to higher motivation, tangible results, and greater satisfaction. Therefore, it is important for parents to create simple exercises so that their child can practice goal setting and experience these emotions.

Begin by discussing a goal your child would like to achieve. Maybe it’s learning to play the piano, joining a sports team, or writing an article for the school newspaper. Or it may even save you money to buy a new toy or video game. Then help your child define the steps they need to achieve their goals, including a specific timeline.

Check in with your child now and then to discuss the progress they are making. And don’t forget to recognize these steps along the way.

3. Distinguish between need and need

Discipline creates the structure your child needs to achieve their goals. One way to achieve this is by teaching them the difference between wants and needs. A “need” is something we need to survive, such as shelter, food, and water. A “need” is something nice to have like a chocolate cake or the latest hot toy.

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