Teaching your children the principles of money is one of the most important things you can do as a mother.
Many children grow up never learning about money and how it works – and find themselves crippled in debt as adults.
Even if you are not good with money yourself, there are still fun and creative ways you can help your children learn about money!
Of course, the goal is not to have them become obsessed with money or possessions, but instead it is to teach them how to use money as a tool to do good in this world.
Not sure where to begin?
Here are a few ideas to get you started.
Help Them Understand Smart Purchases
One of the first things you can help your children learn is the value of a purchase.
Whether you shop with coupons, wait for a sale, or even opt to make the item at home – you are helping your children learn that sometimes it’s best to find other options instead of just purchasing the first thing you see.
This can include everything from buying individual ingredients to cooking dinner instead of opting for frozen preservatives, to teaching them how to price things out.
And the best part of all – is you can do this with anything and make it fun!
Parents recommends this great idea for moms:
“Nothing motivates kids (or adults) to learn quite like dessert! This activity teaches children ages 6 and older how to draw up and execute a budget—skills that’ll be valuable later in life. First, visit your local bakery and price a whole pie (apple, blueberry, peach—whatever calls out to your kid’s sweet tooth). Now, the challenge: Can he bake the same treat for less? Head to the grocery store, armed with a recipe, to price each ingredient. If the total comes in under the bakery price, get cooking. If not, you’ll have to comparison-shop—can he find a less expensive vanilla extract?— until you hit on a way to do it for less.”
You can make this game fun for your child and they are bound to feel excited as they learn ways to save money!
Teach Them About Delayed Gratification
It’s important to teach your children at an early age the value of delayed gratification.
Teaching your child that just because you can buy something, doesn’t mean that you should.
When you are in the store together, your child is bound to ask you to buy the toy that catches their eye.
But if you are constantly buying them everything they want, each and every single time you enter a store, they are going to learn that they can always get what they want, when they want it.
Instead, teach your child the principle of saving up for what they want.
For example, if they see a toy they like, help them allocate their allowance (if they have one) and teach them the principle of saving a little bit each week in preparation of purchasing the item they want.
Even if it’s something small like a candy bar, helping your children realize that it is important to properly save and budget for an item is a principle that will guide them far in life.
Show Them How To Be Generous
Your children are watching how you live – even if you may not realize it.
Now is the time to show your children that when God blesses one with resources, the right thing to do is then help others.
Whether it’s helping provide new school supplies for children in need or helping collect food for a local food bank, you are helping your children realize that having money doesn’t mean hoarding it all for oneself.
You can also use real-life examples to teach wisdom – such as if a homeless man asks for cash – choosing to purchase him a sandwich instead.
Teaching your children generosity yet prudence with money will help them grow up without having a selfish heart.
Never assume your children are too young to learn about money. Of course, as they age you can start to teach them deeper principles such as credit and investing.
But for now, start small and help them to develop a strong foundation which will set them up for success later in life.
Do you agree young children should learn the importance of money at a young age?
What are some ways you can teach your child about money?
Tell us your thoughts in the comments below.
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