We take so many of our habits, both good and bad, from our parents. When thinking about your spending habits, consider how your parents might have influenced you. Did they give you a thorough education on how to handle your money? If not, how will you make a difference for your children? Here are some tips to teach your kids about financial discipline.
As soon as your kids understand money, you should train them to use it wisely. If they have an understanding of math (at least addition and subtraction) use this to your advantage. Tell them about how much things cost and how much money they have in a given scenario. You should also help them to think about their money every time they want to spend.
Will the purchase be something that satisfies them long-term or be quickly forgotten about? Having these questions on their mind at a young age is very important. An excellent way for kids to get practical experience in understanding the real value of a dollar is having them earn it.
Classic examples of letting them run a lemonade stand, do chores for you and others can be a great way for a child to understand that money is a valuable asset that is earned.
Brian is a Dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013. Who, with his family, has successfully paid off over $100K worth of consumer debt. Now that Brian is debt-free, his mission is to help his three children prepare for their financial lives and educate others to achieved financial success. Brian is involved in his local community. As a Financial Committee Chair with the Board of Education of his local school district, he has helped successfully launch a K-12 financial literacy program in a six thousand student district.