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Feb 27

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How to Teach Kids About Money ~ Part 1

 

how to teach kids about moneyHow to Teach Kids about Money.

 

Yesterday, we kicked off our new series How to Teach Kids about Money. One of the greatest services we can do as parents is to financially prepare our kids for the world! Let’s get started today!

 

How to Teach Kids about Money: Prepare Yourself.

 

First, set a good example. You cannot expect your kids to stay away from debt and credit cards if they are watching you pay with your credit cards constantly. Think about what values you want your kids to learn and then align your behavior with those goals! Explain what you are doing when writing checks, withdrawing money at the ATM and paying for groceries. They will learn by the process of osmosis so share with them!

 

Second, no matter how you teach, make learning fun for them! There are board games, online games, and homemade tools that can help illustrate your lesson.

 

Third, and this is a hard one – allow them to make mistakes. Just like the Love And Logic mom that repossessed her child’s CD player for failure to pay his loan from her, you have to let them learn while the consequences are small or they will never learn. If you are constantly bailing them out, all your lessons will be moot. Does it stink to see them fail or make a bad choice? Yes. However, I would much rather watch my boys make mistakes at young ages where there is safety and no permanent consequences than for them to be in credit card debt with a repossessed car at the age of 20.

 

Fourth, remember that a single method will not work for everyone. You may need to use multiple methods in your household based on your children’s ages and personalities. As with many other things what works for one child will not work for another. You may need to tweak your “plan of attack” mid-way. This was true with us. I was determined to use sticker charts when we first started working with Jorryn. As time went on, I realized it simply wasn’t working for us. Stay flexible and re-evaluate how your method is working. You want it to be simple for them to understand, engaging for them and easy for you to teach!

 

Come back tomorrow for the next step in How to Teach Kids about Money!

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