In order to better this world, money must be used in the right ways. Some say it is the root of all evil, though when families combine their financial resources and their values to give with purpose, provide financial education, and foster a generosity-based culture of responsibility, it can change the world for the better. Paying it forward is the essence of how to better this world with money.
Foster Financial Literacy and Responsible Spending Habits
Start with Basic Financial Teachings
According to JP Morgan, financial education must start as early as possible and needs to be intentional as a proactive measure to teach them about saving, budgeting, and delayed gratification.
Focus on Budgeting and Spending
After a basic talk on finances, get the kids involved in the family budget. Let them actively participate in financial decisions to show them how to plan and save.
Identify Needs vs Wants
Children need help learning the difference between needs and wants, which can be done at a young age. According to The TMW Center for Early Learning + Public Health, they absorb information like sponges, making it easier to promote these positive habits to better this world with money from an early age.
Read more:
- Allowance or Not? What Works for Teaching Children About Value
- What Every Busy Parent Should Know About Financing Their Family’s Health
- Budgeting Ideas For Large Families (Ways to save money)
Embrace Social Responsibility
Be the Family That Gives Together
Long-term benefits of volunteering in youth have revealed that kids grow up with a better sense of civic engagement and concern for bettering the world. If you want to better this world with money, start at home by showing your children. Let them see the needs of others and how they can help make a change for the better.
Let Kids Pick Where to Give
Children should be involved in choosing the charities they want to support as this will make them more eager to be a part of something bigger. In addition to giving financially, causes they believe in aiding should be joined by volunteering there in person. It connects them to the people they are helping, strengthening family values and their commitment to making the world a better place.
Bolster Family Values Through Communication
Hold Regular Family Meetings
Families should come together in a safe and open discussion about money and family goals, as well as how to use the wealth they build to meet their shared purpose.
Define Family Principles and Plan Your Legacy
Make sure that every member of the family understands the values at your core. Let this be what guides your financial decisions together as a family. In addition, it helps to discuss the legacy you all want to leave in terms of finances and values, and the positive impacts they can have.
Conclusion
Bettering this world with money is as simple as following these steps that incorporate family values with saving and appropriate spending. By teaching your children while they are young, it will be instilled in their minds and shape their purpose for the future. It’s never too late to start making the right changes, so start today #betterthisworldmoney!
