Simple Ways To Teach Your Children About Money Management #ad

Money and Kids ~

Money-Euro-USD-LEI_53073-480x360
 

In a world where consumerism is becoming an increasingly worrisome habit, it is important to instill healthy money-spending practices in your children so that they don’t get caught in a downward financial spiral when they’re older. Don’t let this worry you too much though, because there are a few simple things that you as a parent can do to teach your kids healthy money behavior at an early age.

Consumerism For Kids: Children and Money

Bank Accounts For Kids ~ One of the ways in which you can teach your kids money management is to let them open up their own bank account. Age 10 is a good year for this. Let them deposit their allowance, draw money occasionally and learn that they only get money once a month or once a week and when it’s finished, it’s finished. Take them with you to the bank so that they get used to its inner workings.

Buying In Bulk ~ Another important thing to remember when teaching your children good money behavior is to lead by example. That is why it is important to take them with you when you go shopping and involve them. Let them help to choose a product that offers value for money and teach them your own methods of saving, whether it be by buying in bulk or choosing a less expensive product that works just as well.

Shopping Lists ~ Teach your child about shopping lists. Let them understand that making a list prevents you from buying unnecessary items. When you arrive at the store, hand over the shopping list to one of the kids and let them read the items and tick them off as you go. This fun game will teach them to only buy the things that are the most important.

Do I Really Need This? Teaching your children a distinct difference between essential and non-essential items is another way to prevent a habit of consumerism. Take the The Land of Nod, for example. This children’s furniture store has a wide range of wonderful products that your child might want in his or her room. Let them look and appreciate the beautiful things, but stick to only buying the item that you came for. Encourage them to make a choice of which item is the best to buy and don’t leave with more than you planned.

Have Coupons Ready ~ Another way to involve children in this type of shopping is to purchase coupons in advance. Let your children hold onto these coupons while shopping. This will teach them that coupons are a great way to save money and budget. When it comes to paying, let your child read out the coupon codes for The Land of Nod and show them how it aids in the purchase.

Involve Your KidsIt is very important to talk to your kids about money. Don’t brush money off as something that is unimportant. Involve your kids, explain every step of your own shopping process and soon they will learn how to spend their own money wisely.

disclosure-sponsored-post-300x91

About Dawn McAlexander

Dawn is a full time travel and lifestyle blogger. Besides Cheap Is The New Classy, she also owns and writes for EatPlayRock.com, an entertainment site. Her interests include traveling, home decor, DIY projects, organizing her home and enjoying a nice cup of coffee {or two}. She currently resides in North Carolina with her dog, Daisy.

Comments

  1. Cynthia says:

    Thank you so much for entering the hop this Friday. I am excited I got to find a great new giveaway. I love your blog. I am looking forward to coming back and reading more. I enjoyed reading your blog and looking forward for the next post. Hope you have time to stop by my blog today.

  2. I find it very important to get your children involved at an early age. I was so thankful that I had parents who taught me as early as I can remember. It doesn’t mean you can’t have a few money problems along the way, but the knowledge on how to handle it is priceless!