As parents, we often start young singing ABCs and teaching our children to count to 10 which are no doubt important skills. We should be reminded not to overlook the crucial role of starting to build a fiscal foundation at a very young age. Impressionable small minds and eyes are watching your every move, including decisions made at the grocery store and every day purchases. We’ve got some simple ways to help build a solid future for your kid’s accounts that are sure to make it easy to teach one of the most valuable life skills.
Young Sponge: Kids spend their days in a constant state of learning, soaking up every detail and filing away this exciting information about their worlds. Included in that learning is how economy functions. The more you can talk with your kids and show them how to earn, treat, and spend money, the more solid their financial future will be. Use time shopping at the market, going to yard sales, and investing in some toys that help children learn to count money. Building it into every day life makes it a natural life lesson.
Handle Cash: Give a child physical money and take them shopping. Give them a limited amount of cash and challenge them to purchase your family’s weekly fruit or a birthday gift for a friend. This gives an opportunity to know there is a finite amount of money and how to make good choices. You can practice at Duck Worth Wearing with our wide selection of affordable goods!
Be a Good Example: As much as we talk about money, children will follow suit of their parents when it comes to financial management. If they see constant spending with no limits or a fear around money, they too will most likely imitate and soak up the emotions that typically surround money. Treat money as it is, a tool, don’t spend more than you have and don’t forget to be generous with others. Your children will pick up on it all!
Learn to Earn: Children need to learn that all things in life are not free. Working hard and earning some money to save up for a desired toy or adventure will help your child learn the importance of good work ethic and keep them from being spoiled.
Every Penny Needs a Place: Label three jars at home and leave them somewhere visible. Place a label on each jar, savings, spending, and giving. When your child does earn money, teach them that it is best to divide the earnings amoung these three jars, and that every penny should have a home in one of the jars. Our paintable Melissa & Doug banks make great customizable containers for savings!
Learning these skills at home will ensure our children have a chance to grow up and manage both money and other things with care and intentionality. Investing in your child’s future abilities to think of money well is simply put, priceless.