As a parent, you likely feel like you’re just keeping ahead of the tasks of the day, including taking the youngsters to school, career, errands, and family time. While we don’t want to add more to your plate, of course there’s a lot that your kids can learn about finances from you that they won’t necessarily get in the classroom. Here are some easy ways to start to instill healthy money habits in your little ones.
Begin When They’re Learning Math
When they’re starting to learn how to add and subtract, it’s a great time to weave in a few introductory talks about money. Bridge their growing math skills with their ability to identify using money.
Counting using coins helps kids begin to understand the look and feel of money. They can also learn its basic value amount.
Every week bring out a new coin for your son or daughter to learn its name. Once they have learned each one, put all the coins together and ask them to identify each one, as well as its monetary worth.
Make the Conversation Continuous
Furthermore, it’s not just one conversation that you will have as parent-and-child. Instead, money talk is something to keep having over the years, from understanding allowances to how to budget.
The dialogue is not limited to only happening within the home either. Offer lessons in the grocery store, for example, as you intentionally show your child how much food items cost before putting them into your shopping cart.
Also look at the different prices the items you’re buying, such as their morning cereal. Engage your girl or boy in active conversations about why some things cost more than others.
These talks can go far in helping your child understand financial independence and be open to learning more about money matters as they age. Being comfortable talking about money openly and honestly is very important as an adult and you can begin to encourage that right now in your youngster.
What You Don’t Say is Important Too
Of course, your behaviors are just as important as those words you are exchanging with kids. Whether you like it or not, your little ones copy your actions as a parent – and that can include the bad behavior.
Thus, it makes sense to model the behaviors you want your kids to exhibit. As well, take time to fix any unhealthy financial habits you may have accumulated over the years that you don’t want to pass onto the next generation of family.
For example, if you always find yourself saying negative thoughts about how there’s not enough money this month, then look for ways to increase income or put money into a high-interest savings account. Then explain to your child how you’re putting a positive spin on a tight financial situation.
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The information contained within this site has been provided as general information only and prepared without taking into account your financial position, objectives, and needs. You should consider its appropriateness and seek financial advice before making any financial decisions.