9 Tips for Teaching Highly Effective Money Management To Your Kids
Young adults and
teenagers in our culture are not taught how to
earn and spend their money properly but are taught to rush into buying the
latest toys, cereal, clothes. Few are taught the art of managing money
carefully.
We have to learn the
habits of highly effective money management and pass it on to our kids. Here
are some tips to help you get started:
1.Find out the boundaries of Halal and Haram on money issues
How many "religious"
Muslims do you know who pray, fast, dress and talk Islamically, but
collect and take interest on loans for cars, school, etc? If you want to
transmit the boundaries of Halal and Haram in this area to your kids, it
must be clear to you first. This knowledge should also go into encouraging
your kids to pursue Halal careers.
2.Give them an allowance
Parents too often
think they should have complete control over all aspects of their kids
monetary needs. Give them an allowance.
3.Help them make a "money chart"
This would be her or
his "personal budget".
4.Have a "secret Sadaqa box"
This is to encourage
secret charity. Decide as a family where the money should be given.
5.Raise the Sadaqa requirement for teens
15-year-old
or 14 year old have to be spending more on Sadaqa than five year old.
Explain that while they now have a bigger allowance, they also have a bigger
responsibility to spend on what's right, and this includes charity.
6.Use the right role models to explain
Use the Sahaba as
examples of good Islamic monetary spending in discussions and family
meetings or if an issue of this nature comes up.
7.Encourage spending in Ramadan
Before Ramadan, mention during a family meeting, the
special importance of giving in
this blessed month.
8.Discuss changes in family meetings
Be open about
financial changes in the family.
9. Make Dua
Changes in your
financial life but always remember Allah is in control. Make sincere
Dua that He help you avoid Haram forms of income and expenditure as
much as possible and that He help you and your kids maintain Islamic
financial habits.
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