As parents we know that we need to teach our young children life lessons. Stay away from a hot stove, don’t talk to strangers! There are some lessons best taught using money. After all, we need to use money for all aspects of our life when we are adults. Isn’t better for us to ingrain good money habits and a positive view of saving and spending from an early age? A child as young as 2 or 3 can help around the house taking dishes to the kitchen or picking up toys. If they are given a small token of appreciation that can be turned into a warm cookie at the grocery store after a week or two of effort, they feel that they have contributed to the household, and also learned that they need to take personal action in order to get a treat. These typical situations give many opportunities to organically educate your child about money and life.
Each child has different things that motivate them at different ages. Here are some ideas if you are not sure what these are for your child. When you take your child shopping with you, do they ask for something? Does your child have a favorite treat? These become situations that you can use to teach them the value of money. When they earn these special treats, they learn how to plan, what money is worth and how to wait for what they want, rather than get it instantly. In Raising Financially Independent Children we have suggestions for educating your child at any age from two through independence. With stories and examples, it is easy to see how you can seamlessly create situations that support your child in life lessons while learning to plan, budget, save, and spend. The situations and examples become more sophisticated as your child matures, and you will find that your child is indeed ready for independence when the time comes. Raising Financially Independent Children is available on Amazon.
Our books Raising Financially Independent Children and Financially Independent Teens both discuss how to teach children about budgeting and making choices.
Raising Financially Children
Financially Independent Teen
Financial Essentials for Couples
Financial Essentials for Women by Women
Financial Essentials
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