Seven money habits to teach your kids from age seven
Did you know that children learn their money habits from the tender age of seven?
Money and kids aren't usually paired together, but as adults when we know better, we can do better.
If we were taught just an inkling about saving and money when we were young, we believe it would've made a world of difference to how we manage, think about, and use money.
Now, we know better (to some degree) and therefore it is up to us to do better. A great way of doing this is by teaching our kids money habits that will help pave the way for them.
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How often have you been stumped when your child asks for something in the shop and you don't know how to respond?
Saying you don't have the money opens up more questions, and when you do have the money, you also want to teach them the 'value' of money.
Here are some tips as put forth by the Financially Engaged Instagram page, a couple who help people with finance advice.
Courtesy of Instagram:
- "Showing people you care and thoughtful gestures don’t have to be grand or expensive"
- "I don’t say “We don’t make enough money for that”. Instead, I say “I choose to spend my money on X vs Y...” or “I’d rather spend on this than that”."
- Saying 'Thank you' and showing gratitude are underrated. It is important to be thankful for what you have been given, it is a simple yet impactful mindset hack about money.
- "You don’t need a treat or to buy something every time you leave the house. (Meltdowns and all)"
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- "I engage them in the purchasing process - understanding the dynamic between something we are buying in exchange for our money."
- Actively involving the kids in saving is important to teach them the value of money. Getting them into saving habits for things they want or enjoy doing helps them understand there is a process to saving but it is also rewarding.
- Finding a balance between letting them earn money for chores completed around the house and teaching them that they won't always get paid to do chores is tricky but doable. Encouraging them to understand that families work as a team is what should drive them.
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Image Courtesy of iStock/Ridofranz