Kids know that their parents are the ones responsible for buying them the stuff they need. They do not know the value of money but if you start teaching them smart money habits while they are young, aside from learning early, they will also have a great value for money as they grow up.
Let me give you some smart money habits that you can pick from and apply to your kids:
Do not waste food or buy too much
This may not be directly related to figures but we have to make sure that our kids are aware that we spend money to buy food. Kids may be fascinated with an ad they saw on television about a food craze and they want to taste it too but they end up not liking them so they don’t eat them at all. Wasting food is equals to wasting money you use to but it.
Give a limit when shopping
When it’s time for your shopping trip or you have promised your kid that you will but him/her something, you give them a certain figure as a budget. Apart from being able to recognize what’s on the price tag. They will also learn how to budget and only but what fits the budget. This will have a long-term effect on them.
Sell unused items
You may get them involved in a garage sale that you are putting up. They can sell their unused stuff like toys or clothes that they have outgrown. Aside from earning their own money, they will be able to identify if they already have more they have more stuff than they needed.
Keep old clothes for hand me downs
Fashion just repeats itself. If you don’t want to sell clothes or it just really have that great value for you, keep them in the storage. Let your kids learn how to use hand me downs. You’ll be surprised that sometimes the little ones are not only the ones inheriting old clothes from their older siblings but it can be the other way around. Your kids will learn that they can save money by not always buying new clothes.
Do not buy unnecessary things
Advertising is very appealing to kids, especially with toys and craft materials. They get too focused on brands with great features when shown on TV and they want to get one for them right away. They do not realize that they actually have the same stuff but a different brand. Let them know the amount of the money they will save if they keep away from buying things that are not necessary.
Give goals for saving
Cut out pictures from magazines that your kids want to have. The options have no limit. It may be a cheap toy, a gadget or an expensive car. You may post them on the wall or in a scrapbook. It will serve as their inspiration to save their lunch money or earnings from the garage sale. You can also teach them how to note the amount they have saved for that day so they know when they will reach their goal.
Book sale, bargains or E-Books
Does your child love reading? Teach him/her to visit book sale and bargains first so they can get books at a cheaper price. You may also want to introduce them to an e-book app where they can get books for free.
Teaching your kids smart money habits can be as simple as giving them their own piggy bank where they can drop their money and save them for something they really want. Try to refrain from giving them what they only want and not what they really need. This may be a parent’s way to prevent their kids from throwing a tantrum and making a scene. If you talk to them and explain well the value of saving, they will be able to learn to appreciate the value of money and take this with them as they grow up and earn their own living.