Wanting to inspire children to form foundational and healthy life habits for the future is a trait that most if not all moms have in common. Although raising kids to maintain smart money management habits may appear difficult, it is not an impossible task. As you look for ways to demonstrate money management skills to your kids, consider the tips below on how to teach your child the value of money.
Save Up Yourself
First and foremost, moms who inspire their children are women who lead by example. A great way to encourage your kids to save is by showing them each and every day how you save up for things for your family.
The next time you’re planning a big vacation, for example, start a household change jar that everyone can contribute to, including your kids. You can even DIY your own savings goal chart and have your kids help you fill it in every time you add money to your savings.
Allowing them to physically see the your savings increase towards a goal that benefits your family is a great way to inspire them to want to save in the future. As your kids get older, make them more aware of your monthly expenses by showing them just how much you set aside for simple things like groceries.
Most moms are aware that their youngsters want to splurge on the latest and greatest brands. From choosing between the popular cereal over the store option, to opting for Sketchers over Nikes, getting your kids excited about less popular products can be difficult.
A great way to combat this tendency for the finer things in your kids is by teaching them about smart shopping. When you concentrate on how to teach your child the value of money from a young age, they can take this skill throughout their adult years. Hopefully doing so will help them to avoid debt as an adult.
Start by showing them how to compare prices, and where to find the sales racks. Use stores like Marshalls and TJ Maxx to shop for brands they can get for less the next time you give them their back-to-school clothes budget.
Encouraging thrifting is another great way to get gently used looks that look brand new for less. Your kids will be able to save on their favorite brands by shopping great styles at online thrift shops like thredUP. You might even be able to find your new favorite comfy Lularoe look for a better price if you choose used as well.
Share in the excitement with your kids when they spot a great find for a low price too. Then you’re sure to inspire them that saving with sales is the best way to shop.
How to Teach Your Child the Value of Money? Be Self-Reliant
While most moms are self-reliant in many ways, this fact might not always be evident to kids. The reality is, your children need to learn that having the will power to save begins and ends with the decisions they make themselves.
While borrowing money when in need is sometimes necessary, try not to make it a habit, especially in front of the kids. Instead, teach them the importance of providing for oneself but also still being generous. (If you’re struggling financially, this guide may help you).
Exactly what that looks like depends on your family and lifestyle. It might mean that you pick up the tab the next time you all go out to eat with friends, or that you’re willing to loan out one of your extra vehicles to another mom in need.
Strive to be someone who others can come to as doing so will inspire your kids to pay it forward in the future. Self-reliance is a quality that you can use to ensure your kids are equipped with the right life skills to save and provide for themselves when they go out on their own one day.
Help Them to Save
Perhaps the most obvious tip for how to teach your child the value of money is to personally help them along with their savings goals. Whether you do this by giving them a regular allowance, or by purchasing them a piggy bank, the possibilities are both simple and endless.
Help your kids set goals for the items they want beyond simply adding those toys to their birthday or Christmas lists. If your child succeeds in saving up enough money to buy an item they’ve had their eye on for a while, be sure to praise and reward them for how hard they worked at it.
You can even develop a system of rewards at home should your child save up for the things they want frequently, as this will encourage them to make it a habit. As your children get older, work with them to set up a savings account for their summer cash and for the money they earn at their part-time job.
Conclusions on How to Teach Your Child the Value of Money
If you begin to help your kids cultivate money management skills at a young age, they will surely feel enough inspiration to carry them on later in life.
What are some other ideas for how to teach your child about money?