Children spend most of their young lives watching their parents spend money. Every household may value their money in different ways, but it is very important for children to learn how money fits into their lifestyle. Perhaps a child is observing their family spend large quantities of dollars or is living in a family where money is tight. The attitudes their parents have toward money and their financial situation will affect what their children believe about money in their own lives later on.
There is no right or wrong way to teach your child about money, only that you impart an appreciation for having whatever they may have, and some direction on how to use it and save it. I found that the same lessons had a different affect on each of my children. Their own personalities dictated whether they would have a tendency to spend much of their money or hold on to it, but I hoped my guidance had a positive effect.
Examining your own beliefs is a good place to start when teaching your kids about money.
What was your financial situation growing up and is what you experienced what you would like to impart to your kids?
Do you value what money allows you to have? Do you see money as the “root of all evil” or as a valuable tool?
Are you listening to what you are saying to yourself and others about money?
Once you examine your beliefs, you can start to make a deliberate choice about how you would like your children to view money.
Tips for helping your children have a positive attitude toward money.
~ Give them an allowance that is theirs to spend however they choose to.
~ Encourage but don’t force them to save a portion of their allowance for something they want later on.
~ Allow them to experience spending all of their own money without hurrying to replace it. This teaches budgeting.
~ Show your children that you have an appreciation for whatever financial situation you are in.
~ If you experience lack in your financial abundance, don’t complain about it to your kids.
~ When talking to your children about money or referring to money in their presence, keep the dialogue positive.
~ Listen to what your children are saying in regards to money, these are important clues.
~ Encourage a continuing dialogue with your kids about money. Have it be a safe subject for them to broach.
So often our children adopt our attitudes and perspectives, whether we want them to or not. Being deliberate and conscientious about what you say about money and what they see you live, may determine how they view their own abundance later on. Keep the conversations positive and uplifting so they create their own lives with a positive perspective about money.
Your comments are welcome.
© 2014. Sharon Ballantine. All Rights Reserved.