There are so many habits we teach our children from a very young age. It might be to brush their teeth before bed or to fastening their seat belt when they get into a vehicle. Why not also teach them about saving money from a young age? If the habits start early, it will be easier for them later in life. They will save and be financially responsible without even having to think about it.
There are some easy ways you can involve this foundation, without your kids even knowing it. It’s always better when they learn something without realizing it was a lesson!
Whether you are giving your children the choice of what to wear to school or what to have for dinner, ask them why they have made that choice. Get them to actually think about what choice they are making. Are they choosing to wear pants because it’s cold outside?
When you are at the store, talk to your children about the choices you are making. Let’s buy these apples because they are a good snack and are on sale! Ask your children which gas station you should choose. Teach them how to read the sign and let them know, this station is cheaper then that station, which should we choose?
Teaching your children that family and love are more important that material things can make a huge difference in their lives. Even the items they own have a value to them. Do they have a favorite blanket that they carry with them everywhere (my youngest has a Spiderman blanket he can’t live without). Ask him how much he thinks it is worth.
Just because a product has a cost, or how much you spend on it, isn’t the same as it’s value. If I ask Diego how much he thinks the value of his Spidey is, he wouldn’t even be able to tell me because he loves it so much. That blanket has a much higher value than the amount it actually cost at the store.
Saving, Spending, Sharing
It is good to start the kids saving money. They can save up for something big they really want or hold onto the money until something comes up. Getting a piggy bank is a great way to start. My kids know if they want something big, they have to save their money. Our oldest bought his own iPod Touch after saving for months. He appreciates it so much more than if we would have just given it to him.
If you teach the kids to take their money and put 1/3 away from savings, 1/3 for spending on what they want (like that candy they just have to have) and 1/3 for sharing, or donating they will learn early on how to budget and make the most of their money.
Encourage your children to ask questions about money. How you get money. How you pay for things. How a bank works.
Allowing your child’s young mind to wander and ask questions will help him have a better understanding of how money works throughout life.
These are just a few ideas to help build a strong foundation in your children.
Disclosure: This is a sponsored campaign with information sourced from Genworth Financial.