Thursday, 16 August 2018

What we can teach our kids about money

You know what it’s like, you’re sat watching TV with the kids and a big flashy ad appears on screen advertising the latest, coolest toy that all the kids at school have. The kids want it, but the price tag makes your heart sink. It can be difficult to make children understand the value of money, and why they can’t always have the things they want. So, with this in mind, why not take some time to teach your little ones about the value of money and how to make the most of it when they have it?

Debt 

It might sound a little ominous but discussing the prospect and reality of debt with your older children can help prepare them for financial scrapes and making better decisions. Whether it’s the danger of payday loans, out of control spending on a credit card, a student loan, or a utility bill that’s proving difficult to pay; by introducing your older child to the perils of debt and how they can avoid it will make them savvier in the future. It’s also worth mentioning how companies such as Credit Fix can help get people in debt back on track and how it’s better to tackle the problem head on rather than letting it get worse and worse.

The money jar 

We’ve all had a piggy bank at some point in our childhoods – they’re cute and a great way to save a few pennies for some sweets or a magazine. But they don’t provide much of a visual. If you want to encourage your little one to save, then avoid the big brash piggy bank and opt for a clear jar instead. Allowing them to see the pennies mount up and the jar get fuller and fuller will not only be super exciting, but watching the jar get fuller means they’re more likely to want to put more in it to see their savings grow! Make a big deal about what pennies you can see in there and go through their value. Share their excitement.

Set an example 

Our kids are pretty impressionable, and they take their lead from us. We literally pass on our habits and traits to them – so with that in mind, we need to be careful. If you’re pulling your credit card out and spending every time you go anywhere, the kids will notice. If you’re making off the cuff purchases and buying something simply because you want it then they’ll notice. If you and your partner are arguing about money, then they’ll pick up on that too. Setting a good example means, saying No once in a while. It means saying to your child, you can’t have that because we’re planning to do this instead. We don’t have money for fast food because we’ve just been grocery shopping and have food at home.

Contentment 

Yes, their friend has a brand new car, or the latest pair of trainers. But you need to teach your child to be content with what they have. Yes their first car might not be flashy, but it gets them from A to B!

Piggy bank for children
Photo credit Fabian Blank via Unsplash
This is a collaborative post

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