There’s no such time as too young to start learning about money, savings and spending responsibly. Here is a guest post from Kerry on how to help teach your child how to be financially responsible.
Financial responsibility begins at home and you are your kids’ best teachers. They’ll learn the basics when it comes to money and economics in school but those lessons are not going to make nearly the impact that will come from watching you and seeing how you handle money and spending. It’s a huge responsibility and can be scary, especially if you haven’t ever learned how to responsibly handle your money.
Start by teaching your kids how to respect and take care of their things. This means that you need to do the same. If your kids see you tossing your belongings around and simply replacing them whenever something gets scratched or damaged, how will they learn not to do the same? Treat your possessions well—make sure they are properly maintenance and cared for. Don’t toss clothes or electronics around; don’t let food sit to congeal on plates, etc. Caring for your things is a lesson you teach by example and the better care you take of your things the less frequently you will need to replace them.
Teach your kids the real value behind coupons and coupon codes. Show them how those “buy two, get one free” deals are only good if they genuinely want and will use three of whatever that thing is. Teach them to look for things like “save fifty cents when you buy three” in the fine print of coupons and promotional codes. Bargains are great but only if they don’t force you to spend more than you intended to spend in the first place!
Ask your kids to help you find the best deals on different things. For example, when your cell phone contract is up, ask them to help you find the best new contract and phone. Give them a budget to work with. Ask them to seek out things like boostmobile.com coupons that you can use in the store and then compare those to the coupon codes for boostmobile.com and see where the better deals are and where the most money can be saved.
Take your kids shopping with you. Let them see you hunt for bargains. Show them in real time what it is like to compare prices and how to figure out what the real costs of goods can be. Don’t just buy whatever you see on the shelf. Do the math with them right there in the store.
Saving money and practicing financial responsibility are two of the best habits you can teach your children. Leading by example might be difficult at first but it can help improve your own life as well as set the stage for responsible and respectful adulthood for your kids!
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About the Author (Author Profile)
NJ Mom of 2 boys. Social media enthusiast. Blogger. Freelance marketing. I lLove cats. Ds Advocate. Listening to Hinder, P Roach & Rev Theory and lots of Oleander.
My name is Valerie, but I go by valmg online.
I am a mother to 2 boys – TJ, a 17 year old, and CJ, a 13 year old with Down Syndrome.
I am a Jersey girl. I have three younger brothers, all of whom have children.
I HATE the misuse of the word retarded. I take it personally and find it very offensive.