Helping Kids Develop Healthy Money Habits.
One of the biggest factors that shapes your financial attitude is your upbringing. Many of us were taught that it was rude to talk about money. Attitudes have changed a lot since I was a kid & people are becoming more transparent with their kids than past generations. Money is a complicated subject, but there a couple things everyone should keep in mind:
Focus on values
Think about what you place value on. Are experiences important to you? Perhaps it’s the security of having savings. Do you place value on workmanship & put a lot of effort into buying things that have been sourced ethically? The answers to these questions will heavily influence how you make purchasing decisions, so it’s important to be able to communicate the “why” when you talk about where your dollars go.
Give them a chance to earn & spend
Whether it’s an allowance, extra chores, or an actual job, the opportunity to earn money & spend it is always fun for a kid. While it’s absolutely appropriate to offer guidance about how they should spend their hard earned money, it’s equally important that they be allowed to make mistakes. Let them regret some purchases. Better now than later, right?
Make it part of the regular conversation
This is perhaps the most important part of the equation. Discussing money should not be a one & done conversation. Finances play into practically every decision you make, so it’s crucial that it’s something you discuss often and openly.
The age & maturity of your child will determine how financial lessons play out in a practical sense. It’s also a good idea to decide how much of your family’s financial situation to share with them when they ask (and they will). This can be the scary part, especially if things are tight and you have a little worrier on your hands.
Teaching your kids about money is an act of love. Helping them develop the tools to manage their resources is a gift that will serve them every day of their lives.
Growing up, did your family talk about money? How did that influence you as an adult? Let us know in the comments, & don’t forget to share this post with a friend!
