By Mary Beth Gossman
It’s interesting to think of how many adults with bad financial habits were once children who never learned money management skills. In any case, teaching kids good financial habits early on is a great way to ensure a stable future. And your child certainly deserves that!
While you can’t really hand over your checkbook and teach your child how to balance it when they’re in preschool, there are things you can do to set some habits into play. There are many important skill sets you can enforce as part of your child’s educational and learning foundation. In this article, we will go over a few!
TIP 1: Delayed gratification
Teaching your child the ever so important principals of delayed gratification is crucial. Doing so is an important part of financial freedom as many people with debt problems often suffer from impulse control problems.
Teaching delayed gratification is often overlooked. However, it can be done in several simple ways. Here are some tips to teach delayed gratification:
- Don’t give in by always saying yes
- Reward your child for good behavior
- Teach your little one that positive behavior will lead to rewards
- Hold off on being pressured into giving your child everything he or she wants
TIP 2: Fun games
There are fun games you can play with your little ones that teach money management skills. For example, your child can learn some simple money management through board games such as Monopoly and others.
Reinforcing the sentiment that you need to earn things in life rather than just taking is crucial to developing better habits in adulthood. Doing so will lead to financial freedom later on in life.
Some games that teach good habits to apply to finances:
- Financial Football
- Savings Scavenger Hunt
- Grocery Budget
TIP 3: Learning Activities
Engage in learning activities with your child. For example, have a car wash or garage sale and allow your child to help with the money handling. Be sure only to do this if you are able to monitor your child closely and if you are in a safe neighborhood.
In addition, you could have a lemonade stand and go with your child to the grocery store to buy supplies. Teach your child some basic skills in doing so in the process.
TIP 4: Read Books
There are many children’s books on the market that reinforce important habits you want your child to develop as they grow. A well known Montessori in Brooklyn New York recommends taking some time every day to read to and with your child.
Some books that teach valuable money handling skills include:
- The Berenstain Bears’ Dollars And Cents
- Functional Life Skills Curriculum Money The Basics
TIP 5: Talk To Your Child
Talking to your child in a heart to heart way and having honest, age-appropriate conversations are a great way to get into a pattern of creating good habits that will last a lifetime. When they are upset and don’t understand why they can’t have something, it’s a great idea to talk to them in a gentle way and explain why.
In doing so you will help your child to turn into the mature adult you want him or her to become. It will help with the making of great habits that last a lifetime.
We hope this post has been helpful and that these tips to get kids into good habits early on help you with your caretaking. Good luck and all the best for teaching your children important habits they will need throughout their life.