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Smart money spending habits don’t come naturally, they are learned. It’s important that us as parents take the time to teach our children how to spend and save wisely.
Financially speaking, it’s a tough to be a parent. We have 4 and getting them the necessities in life in hard enough, much less the extras you want them to have.. Sometimes I catch myself feeling guilty because I cannot get my children some of the extra’s. I have to stop and remind myself, it’s not always a bad thing they don’t get everything they want. It’s important they learn to budget, save, and become a smart spender. Just because they’re children doesn’t mean it’s too early to start teaching positive spending habits.
Children are aware of the world around them, they may not know how touch times are but they know when Mom and Dad are struggling. Teaching smart money spending habits is important. I good grasp on personal finance is an extremely valuable skill to have, why wouldn’t we want to teach our children money doesn’t grow on trees. We all want our children to grow up and never have to worry about money, sad truth is it extremely possible there will be a time when they do. What are some things you can teach them, so they can better manage their money?
Here are a few tips.
- Always be honest, kids know when you are stretching a dollar. Rather than make them wonder what’s going on, explain your financial situation. Children stress too, when they see their parents upset they’re likely to become upset. That’s why it’s important to explain things, so they understand things are going to be alright, it’s just going to take a little work and smart money spending skill. Obviously, you don’t have to tell them everything, but enough to understand what’s going on.
- Teach the importance of saving. It’s never to early to start them out on the road to saving money. The sooner you can install the importance of saving money the better off they are. It’s your choice how to start saving you can start a savings account, a piggie bank, anything that will help to have a understand the power of savings. Set goals, you child wants a truck? Have them for it, once they have saved enough money reward them with a trip to the store. It’s important for children to understand what they’re saving for. Learning to save money will be a huge help later on in life.
- Let them know how much things cost. Unless we teach children are clueless about how much things cost. My daughter was sitting with me while I was paying bills not long ago, it hit her like a ton of rocks. Bills are a lot, especially to a 13-year-old. If they understand how much things cost, they’re more likely to become responsive to turning the lights off when they’re not in the room. Most children do want to help their family, and they see why turning the lights off is so important, they’re more likely to be responsive.
- Financial smarts is a learned trait, it’s important to teach wise spending habits spend. Teach smart shipping tips. Trips to the store or shopping online together, teach smart financial decisions. Teach them how to shop smart, where to find free shipping codes, coupons codes and sales. After you child saves money shopping, show them how much they saved. Let them know, by saving that money they were able to get an extra shirt.
- Allow your children to earn money, not only help with smart shopping habits but many will take better care of something they worked for.
- Teach your children the best things in life are free. You can’t buy love, friendship, or anything that truly matters. Materialistic things are a plus in life, but not a necessity to be happy.
Children can become involved in family savings and learn good money spending habit. Make savings money fun for younger children, it’ll benefit them later in life. Coupons are an awesome money-saving tool, and a wonderful way to spend quality time with your children teaching them good shopping habits. Make a game of clipping coupons, or just spend quality time talking about something that interest you child. Let your children set their own spending goals and be supportive, it’s more fun if it’s their idea.
It’s never to early to start encouraging smart money spending habits. Teaching them now will be extremely beneficial later in life. It our job as parents to make sure that our children are able to enter the world knowing how to budget, save and shop without breaking their pocket book. It’s important they’re aware that hard times happen and understand that budgeting and working hard, setting goals, smart spending habits will help them.
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Great article! I believe the only way to learn about money is to have hands-on practice. Giving your child an allowance, encouraging her to work to make her own money (i.e. babysit, mow lawns, shovel snow), or allowing her to keep her birthday money are several of the many ways that you can ensure that your child has cash to “practice on.” An allowance will make your child financially responsible for her purchases. (She won’t ask for another two dollars every day to buy snack from the canteen. She’ll learn to live within the weekly amount.) Encouraging your child to make her own money promotes a healthy work ethic, which teaches your child that it’s healthy and gratifying to roll up your sleeves and work. No matter which money method works for you, make sure to teach your child proper budgeting, because it is a life skill which your child must master in order to succeed in adulthood.
Hey Sharon, thanks so much for your wonderful comment… totally agree, it’s very important to start early with them… we work hard with ours, nothing in lifes comes for free. They earn their money, by doing different things… It’s made such a difference in my oldest daighter. We are not working on my middle daughter, we want to set them up for success when they leave our home.
great tips. my grandsons could benefit from learning that money really doesnt grow on trees. there would probably be less folks getting into financial trouble as adults if they were taught better habits when they were young.