We all grew up with various ideas about money instilled in us by our parents, some good and some not-so-good.
I know how tempting it is to buy your child every single toy or book they want, especially around birthdays and holidays whether it's to avoid a tantrum or just because they’re so darn cute, buying your children anything and everything they want doesn’t teach them the value of money.
It can be very tempting to spend birthday and holiday money on one trip to Target, only for your child to be bored with their purchase a week later. Motivate your child to set a goal and save up for it. One of my sons is currently saving for a Nintendo Switch. It's a lofty goal for him, but I know he’ll feel a sense of accomplishment.
I recently took two of my kids to open up an account at a local credit union. They have a fantastic savings program that rewards the kids with age-appropriate prizes to encourage them to save. I highly encourage checking if your local bank or credit union has a similar program. My kids can't wait to go back for their next deposit to see what they've earned.
Providing an allowance for doing extra chores teaches kids responsibility and the basic concept of earning money. In my house, my kids have the duties they need to do because they're part of the family and live in our home. There are “extra” tasks they can do to earn some cash.
Purchase only things you can afford. Clipping coupons, hitting sales, and paying with cash instead of throwing a credit card down for every purchase teaches your child to spend within their means.
If you are encouraging your children to put money into a piggy bank then why not model the behavior? You can find some cute piggy banks over on Amazon, which would make a great birthday present for your young saver.
Many of us were taught from a young age that money is the root of all evil. This blocks our ability to fully receive abundance later in life. Teach your children to give to charity and live within their means. Teach them that money is merely an energy exchange, and it can and should abundantly flow throughout their lives if they allow it.
Instilling positive beliefs about money from the very beginning can create an abundant and financially stress-free future for your children.
Learn 6 things you can do today for your financial future. Access it now.