We’ve all made mistakes with our children and their education. We do things with the best intent, try to teach what we know and sometimes we neglect certain parts of their education.
In offering an example to them, we may in fact be reinforcing wrong thinking or bad behavior, or encouraging habits that we don’t mean to. We need to really think about what kind of message we’re sending our kids with our own financial habits.
This is particularly true if we’re using a lot of credit cards to buy the things we want and can’t afford currently. Letting the children see that plastic come out at the drop of a hat means that they too will get into a trap that they could avoid.
A few things that will really count if you want to teach your children about money and savings by example are:
Don’t Let Them See you as a Banking Source
For some children, mom and dad are a source of infinite cash rather like the cash cow games they play. Rather than giving them money when they ask you for it, or giving in to the nags and whimpers, try a new tactic.
Offer them several small chores each week. For each chore a specific amount of money is awarded to them. List the things they are required to pay for themselves out of that pocket money and those things that you will pay for.
For each chore they do, keep a list and see that it is paid. For those they do not do, don’t offer the payment. If you do, they see that you’re not consistent and they really can get something for nothing.
Offer Examples of Ways to Save Money
Explain the things that you do to your children that help you to save money on a daily basis and explain why you do them. Let them know when you’re at the grocery store that you’re not buying the more expensive product with the great name because it has the same ingredients as the “X” brand one that costs so much less. Tell them that when you buy on sale, and save just twenty dollars this week that the end of the month sees you with an extra hundred dollars that you can put toward a family vacation or a night out for the family. This gives saving money a positive note, rather than making it seem that saving money means a life of denying yourself the things you want.
Tags: Children and Money, Life Lessons for your Kids, Teaching Money Saving to your Kids, Teaching your Kids about Money