This Youth Month our parenting columnist Luchae Williams delves into the often-overlooked topic of teaching kids about money management.
Listen, those baby books did not tell me that I would need to teach my kids about money
management. And anyway, I would hardly call myself qualified in the – err – managing of money
department. My three kiddos would much rather take a trip to MacDees with those bank notes,
anyway! So I understand the struggle of sparking enthusiasm for saving, especially when the
mention of toys or milkshakes seems more exciting. But fret not, because, in this article, I’ll spill the
beans on how I’m instilling financial responsibility in my little ones.
Lead by Example
Kids are like sponges, absorbing everything around them, including our money habits. So, I’m
stepping up as the budget guru, showing my kiddos how to save for both rainy days and sunny
adventures. Because actions speak louder than words, right? And yep, it’s not always as easy as it
sounds, but hey, practice makes perfect!
Set Clear Goals
I’m motivated by the saying: “Saving isn’t just about stashing coins; it’s about chasing dreams!” This
is what I tried to teach my kids. Learning how to set achievable goals, at a young age, will set them
up for future success! It also helps to break down big dreams into manageable chunks.
Establish a Savings System
Make savings fun by incorporating colourful jars and exciting containers to be used as the piggy
bank. You could even designate each jar to “spending”, “saving” and “giving”. Tip: the more visible
the coins are, the more exciting it will be for them to watch their treasure grow!
Teach Them the Value of Money
Empower your children by teaching them how to work for their money. Those ordinary chores could
be their ticket to financial independence. Take it one step further by designating a “payday” each
month, so that they have something to look forward to. They are then able to create a budget with
their earnings, which is another teaching opportunity.
Encourage Patience
In a world of instant everything, patience is a superpower. I want to teach my kiddos to practice
patience by delaying instant gratification. Playing the long game, by saving up for big-ticket items, is
a great way to do that! Resist the urge to help them out (unless they’ve really earned it)… it will
totally be worth the wait.
Leave a Reply