I am sure as adults we know that there is always a consequence for right or wrong. We may not know what the consequences are or have an idea of how it will come about but every action has an end result. As you teach your child(ren) about money management one of the things you shouldn’t take for granted is providing consequences, whether positive or negative, for their ability to manage money properly.

When you child works hard to make money, stick to a budget or save, provide lots of praise and positive support. Don’t ever let their hard work go unnoticed. Also ensure that there are negative consequences for mistakes as well. Sometimes it makes sense to allow kids to experience natural consequences. Don’t always cover their backs or provide a soft landing for them. Maturity is developed when we are able to struggle through the challenges we come across in life and that is what you are doing for them. If you give your child pocket money for the week and he or she decides to spend it all in one outing, don’t give him or her more money. Instead, the effect is that he won’t be able to have fun spending money the rest of the time. You can also take away privileges as a consequence. If your child keeps disobeying, lying or even steal then there should be a lot more serious consequence. You can discipline by depriving with what will hurt him or her to have a rethink about the bad behavior. Most especially, study your child to know the right thing to do but don’t let any behavior with respect to money or otherwise go unnoticed, whether good or bad.

Sometimes ago a 10 year old girl told me about herself, she had made up his mind to start earning money so she agreed with her parents to do some chores for money. She also got to make some things that she was able to sell. In a week she had so much money than she has ever made. This puffed her up so much that she employed some of her classmates to begin to do things for her such as carrying her bag, arranging her books, etc. These were things she could have done for herself ordinarily but because she felt she had a lot of money she wanted to show off. In about a week all the money was gone and she was back to square one. She told me she has learnt her lesson, that she will ensure she uses money the way she should even though she feels otherwise. How would she have been able to reach this conclusion if she did not manage money on her own? She did not have to become old to know her money behaviour? Do you know your children’s own? You need to find out and there is no better time than now.

Do have an amazing weekend!

– Gbonjubola Sanni