Guest post by Lindsey
Teaching your children good money habits can be a challenge. First and most important, teach and lead by example. If I have learned anything about money, the little I have learned has been from my parents. And thank goodness, because if I had no money lessons I’d already be looking for debt relief. My mom always told me that, “money doesn’t grow on trees,” but I never really grasped the concept until I had to manage my own money.
Kids need to learn the value of money at a younger age. Don’t make it a habit handing your kids money but instead make it a habit to add in a lesson when you do give them money. Learning the value of money doesn’t mean stop giving your kids money when they ask or even if they have been good recently. The main message is that you have to learn not to rely on others for a source of money. So maybe a chore can be added in to make a little extra cash that week or even saying no so that the child realizes at a young age that to have nice, new things you have to work for them. Kids these days have that sense of entitlement, which is where the problem lays and starts!
The balance is very important. If you give your kids money every time they ask or don’t even give them any money at all it will be less likely that they will learn the value of money and work. Imagine if you had no money managing skills and got a job that paid well. You would probably go and spend most of your paycheck in an unreasonable time. Before, you had no money to manage and now, you have yet to understand the importance of those skills. For example, if your child asks for money, consider how often they ask. Are they coming back to soon?
Kids need to learn that some of every sum of money you receive needs to be saved. Also a legitimate way of making money is also a very valuable principle for kids to learn. Giving your children chores is very important lesson because it’s as if their chores are their job. Give them a set amount of money every week. Or, if they are older maybe even require that they take a month to finance their activities and responsibilities. Once they are old enough to get a job, stop giving them money. Sometimes saying no is important. It may even be healthy to ask them to do extra chores for a bit of extra cash so they understand that money comes from hard work; and the hard work isn’t the only job. Managing the money correctly is a job in and of itself. Reinforcing the lessons of good financial behavior will allow your child to be more likely to thrive with their own finances and job in the future. They will have an appreciation not only for money, but also earning it their own.
Lindsey is from Eatbreatheblog.com and has her parents to thank for teaching her about money. Hopefully now debt relief will not be in her future vocabulary or her childrens. She loves reading, writing, and green living.
Are you interested in guest posting on Family Friendly Frugality? Please email me heather @ familyfriendlyfrugality.com