The pandemic has generated changes. One of them is the relationship with the children now that they study at home, while the parents work in the same space. This can be used to give them small financial education classes, which will give them useful notions for their life.
Money is neither good nor bad.
Talking about money with children is not “corrupting” them. Money is a medium and it has a function. They must know what it is and how it is handled.
Work makes money.
Working at home is an opportunity to explain what you do and how. Show them your computer, the things you do, the screen of your virtual meetings, etc. It is not necessary that they understand your work, but it does mean that money comes home through it.
It is necessary to adjust.
If you are on reduced hours or one of the members has lost his job, you have to change the budget. Get everyone together and make a detailed list of expenses to identify those that can be reduced or eliminated. Lean on this simple tool .
You have to manage money.
In addition to expenses, it is important to identify income and debt. Separate income, expenses and debts into columns so that your children can see how the same income is distributed to cover different items.
You need to save.
Include savings as an expense. The recommended is 10% of the income; if this is not possible, it may be a lower amount, but a fixed amount. Explain that it is necessary to save to face emergencies, just like the current one.
You can stop spending.
To save on basic services, for example, you can run a “campaign” at home to avoid leaving unnecessary lights on and to turn off the water when washing teeth and hands, or washing dishes.
You have to adapt to each situation.
Talk about expenses that have not been made in this time, such as entertainment outings that involve tickets, snacks, games, gasoline, etc. It is possible that, thanks to this, necessary things such as housing and food have been covered. Reflect together on the expenses that can or cannot be made, depending on the circumstances.
