How To Teach Your Kids Good Money Habits

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You want the best life for your kids, of course, and that is why teaching them good money habits while they're young is so important.  The more you can do now, the better their life chances, as they might be more inclined to think realistically about the money they will one day have in their possession. 

 

So, what could you do in your role as a parent? Well, here are some suggestions that we hope you find useful.

#1: Control your spending impulses

 

As a parent, you need to be a good role model. In theory, your children will learn from your example. So, teach your kids lessons in self-control by not frittering away your cash when you're in town or at the supermarket. This might give your children reason to think twice before pestering you for every toy or game item they see on store shelves, especially if you let them know you are controlling your own spending impulses.

 

#2: Compare prices

 

When it comes to your household essentials, you know you can save money by comparing prices online. Be it your utility bills, car insurance, or something else besides, you should be able to find better deals somewhere. Talk to your children about this, and encourage them to follow your example. When they want the latest video game, for example, show them how to do a Google search to find the same item cheaper. By getting into the habit of doing this for everything they want, they will experience the benefits of saving money, especially when that money is their own. 

 

#3: Show your kids the value of hard work

 

Money doesn't grow on trees, unfortunately. Sadly, we have to work for it, so ensure your children understand this. Encourage them to do chores around the house, and add to their allowance when they have completed their tasks. And if you have teenagers living with you, encourage them to get a part-time job too. Not only will they get valuable job experience, but they will start to appreciate the need to make money for the things they want out of life.

 

#4: Spend time in free activities

 

You don't always need to spend money when you're keeping your kids entertained at home. You can play games with them instead, have dress-up parties, and get creative with crafts. You can do the same out of the house too, as there will be parks, museums, and other places where there will be no entry fees attached. By doing things that are 'free,' your kids will see there isn't always a need to spend money when in pursuit of a good time. They will see that they don't always need the latest video game to have fun and that they don't need to visit anywhere costly either. They will start to understand that money isn't always the answer, and you can complement this with a lesson on saving to encourage them to think creatively when looking for things to do. 

Thanks for reading!