Teach your children financial discipline

‘TIME and tide wait for no man,’ they say. It is already March and this means that the first quarter of the year is half way; how fast time flys! I am writing this in the anticipation that our first resolutions are already being accomplished. Did we make New Year resolutions? Yes, but how far have we gone in fulfilling them? For students, the first tests are already done and yet they seem to have finished their pocket money. This implies that there is need for parents and teachers to teach financial management to kids. If we teach our kids how to effectively handle finances, it will equip them with the tools they need to secure their economic future through discipline, planning and saving. Last week I was moved by something quite unusual. My landlord is building, and his contractor reminds me of someone with no financial plan. Once this man is paid, he loses his phones in drinking sprees. His last handset only survived for two weeks. Our children don’t need to follow this disastrous path. We should be candid about the dangers of poor financial management. As a parent, train your children to avoid such mistakes. Instead of finding joy in reckless spending and frivolous behavior, children must learn that lasting value is a result of one’s education, character, reputation, and achievements. Parents can start by opening an account for their children; this will eventually teach them to budget and plan for the future. This does not only apply to rich parents but to every parent. My dad used to have a bank in our home, and I grew up not knowing there were nice buildings and ATM machines to keep people’s money. He also taught us to spend wisely at school with the little pocket money he gave us. Anyway, that was then. I believe every parent wants to support their children’s dreams and aspirations. Most have worked hard to provide their children with the best of everything; access to quality education, exposure to a variety of cultures and the ability to enjoy life. However, many of us parents have spoiled our kids and have not prepared them for the real world. That’s why today’s harsh economic climate is a precious opportunity to deliver life lessons that children will not learn in the classroom. Kids need to appreciation the value of money during this difficult economic era. Parents are not human ATMs, that accommodate every whim; a point I have repeatedly made clear to my siblings. The best thing you can do for your child’s future is to teach them how to budget at an early age. In the future they will be financially independent adults because we parents have trained them well. The author is a teacher at Kagarama secondary school shebs10@yahoo.com