Personal Finance

Smart Money Habits To Share With Your Children

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smart money habitsEvery parent knows that children learn a lot by watching what is going on in the world around them. They can learn new words and new behaviors very quickly, which is why many parents, including myself, place a lot of importance on demonstrating proper language and social skills from an early age. But those are not the only habits children can pick up on. Sharing smart money habits with your children while they are young helps set them up for financial success in the future. Here are some habits you can share.

Habit 1 – Saving Part Of Their Money For The Future

Saving for the future is a smart money habit that anyone can benefit from. One way to help your child make this a habit is to have them save part of their allowance every time they receive it. Let’s say your child’s allowance is $30 per week. Give it to them in $5 bills and have them put one of those bills into a “savings jar.” When something special comes up, like they want a new video game or are going on a vacation, they will have the extra money they saved to spend on it, showing the benefits of saving for the future.

Habit 2 – Choosing Repairing Over Replacing

In today’s society, many things are used for a short period of time and then thrown away. Encouraging a child to try to repair possessions instead of replacing them not only saves money, but also helps them learn important skills. Teach them how to sew on a button, sew a rip closed, tighten screws, or any other type of repair you think your child is ready for. Even if they are too young to help, watching you do it makes it more likely that they will choose to do it for themselves in the future.

Habit 3 – Save Money By Cooking At Home

Saving money by cooking at home is another smart money habit you should share with your child. Cooking at home from ingredients purchased at the store is often much cheaper and healthier than purchasing prepared meals. There are many ways children can help out in the kitchen and taking them to the grocery store with you will help them learn how to choose the right foods and get the best prices. Plus, cooking with kids is a fun experience that they will remember for years to come.

Habit 4 – Focus On Inexpensive Entertainment

There are many ways for kids to have fun that do not cost a lot of money and they will remember those things as they grow into adults. Exploring a local park or attending a local concert gives them a special experience without breaking the bank. A library card gives them access to thousands of books, movies, and music for free. There are also free or inexpensive classes offered at local parks and libraries that can help them learn new things or develop a new hobby.

Do you know any smart money habits that are good for children? Tell us in the comments below.

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