5 Ways to Teach Money Habits to Kids
2022 is the year to teach kids smart money habits. Let’s all pledge to make every child financially literate and prepped for the future!
Here are 5 ways to teach good money habits to kids.
1. Encourage them to spend their own money.
This will teach them the art of budgeting. Once they start taking into account the cost of each item, they will make better purchasing decisions.
2. Involve them in money conversations.
They need to know about bills, taxes, loans and all of the “adult” stuff. It is an essential part of real-world learning.
3. Excite them about the idea of saving.
Sure every kid wants to spend all their money and buy their favorite things. However, if you tell them they can have a huge amount of money, X amount of years later, they will get motivated to start saving.
4. Inspire them to earn.
Talk to them about what you, as an adult, are able to buy with the money you earn. Teach them the value of hard work while highlighting the perks of it. Tell them what a paycheque is.
5. Let them make mistakes.
It’s how they learn. Every mistake they make is an opportunity for them to learn and work on. It will help them retain the lesson too!