Ok, ok. So teaching your little one all about the importance of saving and how to spend their money well, isn’t exactly easy or exciting – for either of you. But teaching your kids good spending habits now gives them the potential to make better choices later in life; everything from investing in their future – check out this site for the latest information about investment pieces – to saving to buy a house.
Don’t worry about sitting them down and making a big speech with lots of graphs and pie charts, just small, little lessons will go a long way.
Wondering how to make a start? Don’t worry, check out these easy steps.
Give them a visual aid
We all had a piggy bank when we were growing up. Usually, one that we got the pleasure of smashing open to see how much was in there. Piggy banks are a great first step when it comes to teaching your children about saving. But, it’s become more of a guessing and wishing game, with them hoping that they have enough inside for whatever it is that want. Giving them something like a clear jar to save in instead, gives them that visual aid to keep going and to keep adding those coins. Watching the jar get fuller and fuller is just as exciting as smashing a piggy bank up!
If there’s more than one thing that they’re saving for, then you can always give them two jars and they can learn how to distribute their savings!
Set a positive example
Many of us go cash free these days, whether its contactless at the till or even something like apple pay. But using your card randomly or in a devil-may-care kind of way, isn’t always setting your little ones a great example. They’ll never know the value of money if it never seems to affect the way you spend it in front of them. You can try to use cash or try being vocal about how much money you have available to spend on your card (you can stretch the truth here) for your trip to the supermarket.
Don’t argue
Many couples argue about money, whether it’s the stress of bills or the fact that a certain amount has been spent – whatever the issue, it’s important not to let your kids hear you arguing about money.
Learn to say no
If you’re wondering what to cook the kids for their dinner and they’re asking for a takeaway treat, then this is a good opportunity to teach them about spending. Explaining to them that you can’t always spend money on treats and have to keep some money aside for other things, is a positive step towards their understanding. The same applies if you’re at the corner shop and they’re asking for a magazine, or a chocolate bar. Let them know gently that the money you have is limited and you have to make sensible choices sometimes.
Did you like this post? Why not Pin it?
Featured article