Bad habits related to money form extremely fast. Often young children without proper training at home adopt unhealthy money habits. Therefore it is extremely important to consider early money exposure for a child because the more you wait, the worse the habit and the more difficult for you to control. In this regard, a child that learns reputable monetary practices is likely to become a smart, money conscious, reliable person in the future.
Having young kids of my own, I want to teach them about money early and how to contend with some of the monetary challenges they may be faced with in years to come. Not only do I want them to understand how to save it and spend it wisely, I want them to have a healthy relationship with money. I am a firm believer that parents have a responsibility to equip their kids with the knowledge that there are other important issues that involve money apart from their own needs such as toys and games.
Similarly, a child who has been taught the value of money understands that there are other ways of being appreciated by his or her parents apart from getting gifts. On the other hand, a child who knows the value of money understands that money comes through working. This is a discipline that can be developed and enhances responsibility.
Additionally, when teaching kids about money, here a couple of things to keep in mind.
Start Off At Home
Teaching a child about the value of money can start with basic lessons at home. For instance, one can use the change received from shops to relate to the value of the items bought. In the same way, a child gets to understand the essence of learning math lessons in school. Parents and guardians can also improve their learning by using reminders such as sticker notes in the study room or bedroom.
Make It a Teachable Moment
Young children should be allowed to help their parents and guardians e.g. while shopping in the malls. Such instances are beneficial as the child understands the costs of the different things he or she wants at the mall. One can teach a child how to save for a certain item he or she wants at the shopping mall. This way the kid can easily appreciate the item once it’s bought and will always appreciate the value of money through saving. A child that understands the value of money will always appreciate the value of money and the hard work put to earn it.
What are some things you want to pass on to your kids about money?
This post was inspired by Genworth Financial. All opinions are 100% my own (always). For more information about caregiving, visit the Genworth Financial website.
Image by Timeout Kids.