Edwin Kiarie

Can we talk about when you should start having conversations with your children about money?
The knowledge and skills necessary for managing money are critical for every child’s future.
As parents, it’s our responsibility to ensure that our children learn about money management in an age-appropriate and engaging manner.
By teaching kids about money from an early age, you’re setting them up for success in the future.
By age 7, children can start forming key financial habits that will last a lifetime, including managing their own money.
As parents, you have the utmost power to influence your children’s money habits.
It’s essential to start as early as possible, using age-appropriate strategies to ensure they grasp key concepts and develop good money habits.

Have you started teaching your kids about money? What strategies are you using?

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My work i.e., Financial Literacy for Kids has been profiled as Text Book Centre 's Kids book of the month. Kindly, pass by any of their branches and buy a copy or order online from their catalogue.

Our Book of the Month, "Financial Literacy for Kids," is here to make learning about money FUN!

Pass by our stores today or visit https://bit.ly/3PP8Qk3 to grab a copy for your little champs!

Poverty is the bee sting🐝

Tell your money where to go!!

In our previous post, we said that if you don't budget for your money up to the last coin you are already in trouble. Why trouble? Because any coin that's not planned for stands the risk of being spent on anything.

Budgeting is one of the most important areas of personal finance. Many people take it lightly, and that's how they lose control over their money. When you know that it is the small things that matter you won't dare play with them.

I know, many of you would say that this is not a new thing and I'm sure you have heard it a million times. But do you apply it in your personal finance? It is not the things we know that makes us better, but application of what we know in our day-to-day life. The power is in doing.

Majority budget for rent, school fees, food, transport, giving, servicing loans, etc but whatever is left after fulfilling the main obligations is usually viewed as "extra cash" and mostly this is the money that is wasted. A budget is not a tool to help you pay bills, it's a tool to help you plan for every coin and account for it.

This definition will definitely blow your mind up and open you to the reality of why it's unwise to take budgeting so lightly. "So, what is a budget? A budget is telling your money where to go instead of wondering where it went!"

As far as we want kids to have good money habits, parents should be role models on the same.

It's ungodly to let life happen to you- you are in charge!!

We usually see things across board and unfortunately there are people who didn't have the exposure to financial planning or budgeting when they were younger and so they make mistakes which are continually braking their financial progress.

Some of you would actually be embarrassed that you don't know your finances because budgeting or financial planning is not natural for you. We all have areas that are not natural for us and if budgeting and financial planning is not natural for you, sit down with someone who can guide you on this and get on track.

Without budgeting and financial planning, you are already in trouble even without your knowledge. Take a step now and build this noble culture and the sooner you do it, the better it is for you. For the kids, we now know what to do. It's simple- make it a habit for them from now on. This way, it will be natural for them.

The people who leverage wealth to build a meaningful purposeful life have tremendous peace of mind. Money should not be an end onto itself but a means to an end.

MONEY HACK!

I have also realized that a lot of people avoid spending money on important things because they appear costly...but over time end up spending the same amount on less important or even useless things because they appear cheap. In the end, money is spent and there's nothing important acquired to account for it.

🎯 Always weigh cost against the value you are likely to get out of it.

I want to assume that students' loan is meant to offer equal opportunity for education...but, a percentage of that money is sometimes wasted on many other unnecessary things because they view it as easy or "free" money. As young as they are, they are already in debt...worse enough a lot of that "Debt" is wasted because we give it to students who don't know what debt really means and even how to manage it...we must teach kids financial literacy before they fall into such traps!

IT IS NOT TOO EARLY.