This recession is not letting it up and planned spending and smart budgeting has been essential for this single mother of 1. For Christmas this year I decided to purchase Monopoly for my son. Normally I’m not the “toy purchasing mom” but I thought this would be a good way to teach him about investing and purchasing power. Not to worry, I am from a large family and they enjoy showering my son with Wii games, scooters, cars, instruments and the like. Besides, who doesn’t love Monopoly? It was my favorite game as a kid.
I wish more minority families would see financial freedom as a viable possibility through financial planning and discipline. I also wish that my parents would have taught me about finances on a larger scale while I was an adolescent. Henceforth, I decided when my son was 5 years old he would learn about all things money related in manageable doses. You would be surprised at home much children actually absorb and apply when allowed to just “play” out there instincts.
I strongly believe that teaching my son about finances now would lower the chances of my son making poor choices later. With that being said, we’ve played twice so far and both times he’s managed to make sound purchases and avoid bankruptcy. If this is any indication of what’s to come then my baby has a bright financial future!
Take my foolish advice; if you teach a child how to manage the money they DO have they will understand how to maneuver when funds are limited.