Teaching Kids About Money for the Hard Days Ahead.

Sometimes I think as I look around at the economic situation of the world today I ask myself the question, What if people really followed the finical plan of their faith? What is there was more interest in selflessness then in the I want attitude that is everywhere today. So what do you want to pass on to your childern? For me I want to teach my preteen daughter to be prepared for the future. So how am I doing this?

1. For me I am Muslim, so this means knowing what is Islamically correct. For Muslims we pay zakat and shouldnt pay Riba. Zakat is charity that is required giving based on one’s wealth. Riba means not to pay interest. For Christians they have the tithe.

2.Then once you know what is taught or what are the important principles you want to pass on to your children, live them and let your children know you are doing so.

3. Make it a matter of dua (prayer). Pray about the best ways to teach your childern. I know I am.

4. Give them the opportunity to learn by giving them an allowance. This allows them to handle money, learn to budget and learn to give.

5. Teach Halal vs Haram spending habits. Teach what is good spending and what is being wasteful. Is all there spending going to candy or video games or dvds?  What about making them responsible for says clothing, or something that instills responsibility. Take them shopping, and teach them about frugality. Teach them about quality, and usefulness.

6. Teach them about giving, about being kind with thier money. For me I teach zakat and sadaqa              ( voluntarily giving). A portion of every allowance should be taught to be given to others who need more.

7. Sponsor an orphan. We have done this and it teaches and reminds us how blessed we are here and allows us to help one person directly. There are several great organizations that you can sponsor one through. I recommend The Zakat , or Plan Canada

8. Encourage savings. Is there something they really want? Encourage savings maybe with a matching system. For my daughter if she saves 80% of what is needed for a larger item I will chip in 20%. That is how a new bike was bought.

9. Finally talking about money and finances openly. Tell your kids your money goals. Have family budget meetings.

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