Healthy Money Habits for Happy Kids
Many adults often come to the realization too late that their money spending habits are destructive. When you haven’t been taught how to handle money from the very beginning, it can be a tough and confusing task to learn as an adult.
It’s a great idea to start teaching your children the importance of careful and healthy spending of money at a young age. They will carry these habits into their adult life and you won’t have to worry about them as often as you think.
Around 6-7 years is a goo age for children to start receiving a small amount of pocket money. Here is how you can ensure your child develops positive money habits.
Receive half, earn half
Since, in the real world, money doesn’t just show up at your doorstep, it’s important to make sure your child is aware of the fact that he will need to earn the money when he gets older. But he’s still a child so you must maintain a balance. You can start by giving him half his pocket money and letting him earn the other half through chores and good behavior.
Impulse buying is often a behavior even adults have a hard time avoiding. This doesn’t mean one should never indulge him or herself in something they want to buy. But that it’s important to avoid making it a habit.
If your child comes up to you and points out something he wants, don’t buy it immediately. Take a few days to weigh out the pros, cons, and the affordability with your child. Once that is done, buy your child the item if suitable.
One of the most important habits your child must have is giving back. Teach your child the importance of love and charity and remind him that not everyone is as privileged. And since some people have more, it’s important for them to give to those who do not.
He can save up a little every month and you can take him to an animal shelter (such as Ayesha Chundrigar Foundation) or other charity organizations to drop off the money.
Not all money that comes in needs to be spent. It’s important to have a safety net.
A regular piggy bank can be a little restrictive. So turn a clear jar into a piggy bank so your child is able to see it easily and feel encouraged by the progress he’s making. After some time, when he’s able to afford something nice, he’ll learn the importance of saving!