Five tips for mothers who want to empower their children in the proper use of finances

Talking about personal finances at home isn't always common practice. In many families, money management is often the exclusive domain of parents or older adults , while children and adolescents are kept out of the loop, under the impression that it could worry them or cause anxiety.

However, empowering children to manage their finances wisely from a young age can be a key tool for their future development and well-being.

In honor of Mother's Day, Nu Colombia shared some tips for all mothers who want to teach their children how to manage money responsibly.

The idea is that these recommendations can be applied from childhood through adolescence, allowing children to develop healthy financial habits that will stay with them throughout their lives.

One of the fundamental concepts children need to learn is that money doesn't magically appear at an ATM or in their wallet . In a world where children have access to credit cards or technology, they need to understand that money is the result of constant effort.

A good way to teach them this concept is to start a small business with them. Activities such as baking cookies, designing bracelets, or making crafts can be a good starting point. By selling these products to family, friends, or in the neighborhood, children will learn that there is a direct relationship between work and making money. This experience will help them value it more and understand that effort is a key component.

Leading by example is a fundamental factor in financial education. Children often imitate the behavior of adults, so it's essential that, as a mother, you actively demonstrate how you handle money. Openly discussing the purchasing process, budgeting, and financial decisions can be a valuable lesson for little ones.

When shopping, take your children with you and discuss your financial decisions out loud. For example, talk about the importance of comparing prices, looking for discounts, and questioning whether you really need a product before buying it. It's also helpful to bring a shopping list with a set budget and have your children help select products that fit within that budget. This will help them understand how to manage money consciously and in a controlled manner.

Saving is a crucial skill that all children should learn from an early age. If your children already receive an allowance or earn money through chores or their own ventures, it's the perfect time to teach them that not all money should be spent immediately. Starting a savings fund will help them develop a financial mindset that prioritizes long-term savings.

If cash isn't a common occurrence in your home, you can use children's savings apps. You can set savings goals, such as a desire to buy a toy, a bike, or even a family outing. As they see their savings grow, they'll understand the value of money and the importance of planning for the future.

Financial education focused solely on children's needs would be incomplete. In addition to teaching them to save and spend responsibly, it's crucial that they learn to share. Helping others is not only a matter of generosity, but also a valuable lesson about the importance of not hoarding without purpose.

A simple way to introduce the practice of sharing is through shopping. Every time you buy a new toy or clothing for your children, teach them that for every new item, they should donate an old one in good condition to someone in greater need. This act will help them develop a more generous and less materialistic mindset, as well as contribute to the well-being of others.

Money and personal finance don't have to be boring or taboo topics. It's essential that children grow up with the idea that managing finances is natural and fun. Integrating financial concepts through games and fun activities can be an excellent way to engage them in this topic without making it seem like a burden.

You can organize board games that involve finance, such as Monopoly, or read illustrated personal finance books designed for children. This way, you'll be teaching them how to make financial decisions in a fun, pressure-free way. It's also helpful to use visual aids and interactive games to help children understand concepts like saving, investing, and responsible spending in an engaging way.