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Financial literacy is one of the essential points that not only adults should learn, but also kids.
Make your kids realize that making mistakes with their money habits is inevitable.
Financial literacy is one of the essential points that not only adults should learn, but also kids. Since it is not taught in school, it is the parents’ responsibility to pass on having good money habits.
Some adults who did not learn financial literacy early may experience challenges in handling their money. That’s the reason why it is vitally important to start teaching your kids about good money handling at an early age.
Though they will learn how to handle money once they become adults, it is still better to enlighten them when kids are still young. That way, kids will not make the same mistakes you made as an adult.
Bearing that in mind, here are nine (9) ways to teach your kids about good money habits.
The first thing you can do to encourage saving money is to teach its value and importance. Please point out the difference between spending money for their wants and their needs. And which one should they prioritize.
Another way to teach them how to save money is to give them a piggy bank or a saving jar. Instill in their mind that saving is a way to prepare them for their future spendings. That if they want to buy something, they need to learn how to save money.
Another thing that you can teach your kids is how they can earn money. Learning to save money is one thing, but training them to gain is one of the vital things they need to know before they reach adulthood.
Teach them that if they want to buy something, they need to earn it to have it. Negotiate with your kids to do chores in exchange for their weekly allowance. By doing this, your children will learn and understand that every money earned only through hard work.
Your kids may not take saving seriously. So, to make them motivated, impart to your children the value of saving money deep in their minds. Set up a goal with them. Please give them a timetable so that they will know when they can achieve their goal.
Aside from that, they should also keep a record of their savings. By doing this, they will be able to monitor their progress easily. Seeing how much they have progressed will also motivate them to save more.
The next thing that they should learn is how to track their spending. Your child will acquire a sense of responsibility by knowing where the money goes. Aside from that, they will also see whether they are spending their money wisely or not.
Their spending records will also give them an overview of what kind of spending habits they have. So when they realize that they are spending too much on unnecessary things, they can modify their spending habits.
Make your kids realize that making mistakes with their money habits is inevitable. It may hurt us to see them sulk in their spending mistakes, but let it be an opportunity for them to learn. Like most people say, “Experience is the best teacher.”
Once your kids have established a clear idea of what saving is, you can now open a savings bank account for them. Hand them the cash before depositing it so that they will know how much money they have. And they would also know how much more they can save if they continue depositing to the bank.
However, before opening a bank account, make sure that they are at the right age. Ensure that they fully understand the “How to’s and Not to’s” of having a bank account.
Another tremendous motivational strategy that you can apply to your kids is by giving rewards. As an adult, we know how hard it is to allot money for savings sometimes. Your kids can experience that as well.
So, to keep them motivated, offer them some rewards every time they meet their goals. For example, their goal is to save $100 in one week. You can give them extra dollars once they meet that $100 mark.
One of the most important things you can do to encourage healthy savings is to have a conversation with your kids. Talk to them about the importance of money. Let them know what money is and how to use it properly.
You can also ask how they feel about saving. If kids are having difficulties reaching their saving goals, you can use that talk time to inspire them. You can also use that conversation time to show them their saving progress.
Kids learn from their environment and the people around them. So, if you want to instill good money habits in their mind, you need to have those healthy money-handling habits. You can start by having your savings.
And as you were teaching them about savings, you can show them your savings record. That way, they will know that you are applying what you teach to them. It is then they will see you as a good example.
Let’s say you have a family goal of buying a new gaming console. Instead of buying it using your own money, you can get your kids involved in the saving process. If the whole family is doing it, they will see saving as a regular part of an individual’s life.
If you are a parent who has not received financial teachings from your parents, you might have experienced struggles. And you have gone through a lot of “trial-and-errors”, you do not want that same thing to happen to your kids.
Some parents might be borrowing money from the Yishun money lender to get additional funds. Most of the parents take a loan from lender Cash Mart to help make ends meet.
Bear in mind that borrowing isn’t bad, but instead, it helps you bridge your needs when you’re in a tight budget situation.
If you teach your child about saving, consider also teaching them why people borrow money as well. Explain to your kids enthusiastically about when borrowing money becomes unhealthy and when it becomes your helping buddy.
Teaching your kids at a young age about money is one vital task to do as a parent. And you should be a model for your children. Remember that kids always look up to you and follow what they see in you.
Being around them and imparting saving money to their daily activities will make it their habit.
Also, find time to teach them some life scenarios that can affect their saved money. That way, your child will acquire the value of decision making, at the same time, become more disciplined. Thus, it will build a solid foundation to become a financially literate individual in the future.
Use all these nine ways of teaching your child how to save money and see what change will come in the future!
Pic Credit: Canva Pro
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