Hey there, Super Moms! As the heart of the family, we know you’re always looking for ways to empower your little ones with practical life skills. And what’s more practical than teaching your kids about money and saving? It’s a big world out there, and we want our kiddos to feel confident and prepared.
So let’s dive into some helpful dos and don’ts that can make teaching about money a fun and empowering experience for both you and your kids.
Do: Start Early and Keep It Consistent
Just like tying shoelaces or brushing teeth, understanding money is a skill best learned early. But remember, it’s not a one-and-done lesson. Consistency is key! Find everyday moments to talk about money – whether it’s counting coins from the piggy bank, or comparing prices at the grocery store. Make it a part of your family’s routine, and watch their financial wisdom grow!
Don’t: Shy Away From Discussing Money
It’s easy to think that money matters are too complicated for our little ones, but trust us, they’re smarter than we give them credit for! Let’s break down that old taboo that money is an ‘adult subject’. Open, honest discussions about money can help kids understand its value and importance.
Do: Use Practical Examples
Kids learn best when they can relate to the topic at hand. So why not let them manage their own mini-budgets? Allowances can be a great tool for this. They’ll learn to make choices, prioritize needs over wants, and maybe even save up for that toy they’ve had their eye on. If they’re a bit older, you can also set up their own bank account to help them get started on saving money. Remember, it’s all about making it relatable!
It’s also a great idea to do it in real life. “Including kids of all ages in small acts of financial decision-making in the real world is another great way to keep the whole family actively money minded,” according to Shereen Meraji and Andee Tagle of NPR.
Don’t: Forget to Show Them the Magic of Saving
While spending can be exciting, saving has its own magic too! Teach them how saving a little bit regularly can add up to a lot over time. You could even set up a visual aid, like a savings jar, so they can see their money growing. Before you know it, they’ll be as excited about saving as they are about spending.
Do: Celebrate Their Successes
When your kiddo makes a smart money move, celebrate it! Did they choose to save their own money instead of spending it right away? That calls for a high-five! Positive reinforcement goes a long way in making these lessons stick.
Don’t: Miss Out on Teaching Them About Giving
In our journey to financial abundance, let’s not forget the joy of giving. Encourage your kids to set aside a portion of their money for helping others. This will teach them empathy and show them that money can be used to make a positive impact.
Why It’s Important to Teach Kids About Money and Saving
We know you are always on the lookout for ways to equip your little ones with skills that will last them a lifetime. And what’s more enduring than the knowledge of money management? It’s a big world out there, and we want our kiddos to step into it with confidence and preparedness. So let’s delve into why teaching our kids about money and saving is so crucial.
Building a Foundation for the Future
Imagine if we had learned about money and saving from an early age – how much more prepared we would have been to handle our finances today! By starting these lessons early, we’re giving our kids a head start in life. We’re setting them up for success and teaching them that they have the power to control their financial future. Now that financial literacy is empowering!
Fostering Independence and Responsibility
Hey Super Moms, we all want our kids to grow up to be independent and responsible adults, right? Well, understanding money is a big part of that. When kids learn about how to earn, save, and spend money, they’re also learning about responsibility. They’re learning that decisions have consequences and that they’re in charge of the choices they make. Sharon Epperson of CNBC points out that “Learning about money is the foundation of financial literacy and the key to achieving financial security.”
Promoting Smart Decision Making
We’ve all had those ‘I wish I knew then what I know now’ moments when it comes to money. Let’s help our kids avoid those. Teaching them about money management, savings accounts, and financial literacy encourages them to think critically, make informed decisions, and understand the value of hard work. It’s not just about money, it’s about making smart choices in life.
Encouraging a Positive Attitude Toward Money
Let’s face it, moms – money can be a stressor. But it doesn’t have to be. By teaching kids about money and saving in a positive and proactive way, we’re helping them develop a healthy relationship with money. They’ll see it as a tool to achieve their goals, rather than something to worry about.
It’s Never Too Early to Start!
Let’s talk about age for a second – when it comes to teaching our kids about money, young age is just a number. That’s right, it’s never too early to start these all-important personal finance conversations. In fact, the earlier, the better. “Teaching your children about money at any stage is going to take time on your part. It won’t always be easy. But if you want your children to know how to successfully manage their money when they get older, taking the time now will be worth it,” according to Ramsey Solutions.
Younger Kids
Even your littlest ones can understand the concept of spending money and being able to save money. Start with a clear jar where they can see their savings grow. Every time they add a coin or a dollar, they’ll see their money pile up. It’s a visual and fun way to introduce the concept of saving.
Older Kids
And for your older kiddos? Well, this is the perfect opportunity to show them how their hard-earned allowance can be put to good use. Encourage them to set aside a portion of their money for something they really want. Their savings goals could be that super cool video game, or maybe a new bike. This is their chance to learn about delayed gratification and how sweet it feels to finally buy something they’ve been saving up for. To make things easier, you can come up with a savings account for them.
For even older kids, you can introduce why you have a college savings account for them. Remember, mommas, the goal here isn’t to create mini financial gurus (though that would be great!). The aim is to introduce the idea of money management in a way that’s age-appropriate and engaging.
Lifelong Lessons
You’re not just teaching them about money, you’re teaching them life skills – patience, decision making, and the value of hard work. This financial education will serve them well into adulthood and help them forge their own path to financial freedom.
It’s never too early to start these lessons. You’re planting the seeds for financial responsibility and a bright financial future for your kids. And remember, you’re not alone in this journey. We’re here cheering you on every step of the way. Keep going, because you’re doing an amazing job!
To Wrap Up
And there you have it, moms! With these simple dos and don’ts, you’re well on your way to raising financially savvy kids. Per Next Gen Personal Finance, their State of Financial Education report shows that more and more are learning about money and finances. Remember, you’re doing an amazing job, and every step you take to educate your kids about money is a step toward their future success. Here’s to happy families and financial abundance!
As a Google Certified Project Manager and an expert in Google Analytics, I bring a wealth of knowledge in digital strategy and online visibility. My certifications from Digital Marketer in Email Marketing and Inbound Social Media Marketing further my ability to connect with families digitally, offering them valuable resources and insights to kickstart their journey towards financial independence.
Professionally, I lead as an SEO Project Leader at a leading boutique SEO agency in Boulder, Colorado. My expertise has not only propelled businesses to the forefront of their industries but has also been instrumental in crafting a strategic approach to my family’s financial growth. This unique blend of professional achievements and certifications equips me with the tools to guide other families towards achieving their financial goals with confidence.
Beyond my desk, I’m a CrossFit enthusiast, an avid hiker, and a lover of nature. These passions keep me grounded and remind me of the importance of a life well-lived—not just in financial terms, but in the wealth of experiences, happiness, and time spent with loved ones.
Through this blog, I aim to share my journey towards financial freedom, drawing on my professional expertise and personal experiences. My goal is to retire in the next 3-5 years, enjoying a life enriched with what truly matters—family, nature, and freedom. I invite you to join me and many other families on this journey, sharing insights, support, and practical advice to help each other achieve financial independence and live our dreams to the fullest.
Let’s empower each other to make informed financial decisions, leveraging our collective knowledge and experiences to build a community where financial freedom is accessible to all.
