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Teaching your child sound financial habits can make a huge difference in his financial future. The beginning of a new year is a great time to get started. During the holidays, most children have been exposed to a barrage of marketing and advertisements designed to make them and their parents spend as much money as possible. Many have very successfully gotten parents to spend money on toys, games, and lots of fun!
As you begin the new year, reflect back on your holiday spending and think about what you can teach your child. Did you check for the best prices? Did you shop early enough to make the best purchases? Did you stick to your budget? Your money is extremely valuable and teaching your child the value of money can make a difference in his financial future.
Here are some simple steps to help teach your child the value of money:
- Talk out loud when making easy financial decisions. When you are handling simple matters that involve money, let your child hear and watch you searching for the best prices, negotiating, and researching. Share interesting work, projects and financial victories. If you are planning a vacation, talk out loud when making flight, hotel, and other travel arrangements. The idea is for your child to hear conversation about money creates an awareness, even when he is not directly involved and may not fully understand.
- Let your preschooler handle a small amount of money. When making a simple purchase, allow our child to pay with cash and receive the change. Talk about the amount he gave the cashier, what the item costs, and how the change was calculated.
- Play children’s games that involve money such as Cash Flow for Kids, Hasbro Pay Day, and Monopoly Junior.
- Help your child start a personal bank. Find a container that your child can decorate. Help him separate his coins and bills. Add a note pad and show your child how to keep a record of the amount of money in his bank. Use the math skill he is learning in preschool to subtract when money is spent and add when money is placed in the bank. For additional fun create some opportunities for your child to get more money by completing simple tasks at home.
Enjoy creating an awareness of financial principles in a manner that your child can understand. Be careful to keep the money conversation fun without any stress or adult conversation that is too complicated or emotional for a young child to understand.
If you enjoyed this blog and want to read more, click below for our blog from last month!
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