Leading up to Christmas we all tend to focus on our own finances. But the festive period is the perfect time to help our kids understand how money works, and the value of good money management.
Sleigh bells ringing and coins jingling…
Here are 5 great ways to get our kids learning about money management.
What’s your favourite tip?
- Want versus Need
Talk to your kids about waiting for something as well as want versus need. Our children can be fed messages of spending every day, and we live in an ‘instant gratification era.
They see us tap with our cards and poof we’ve bought something! They rarely see real money.
Therefore, it can be useful to talk about, and model, good behaviour when it comes to spending.
2. Show examples of budgeting
So that our kids can see and understand how to save and pay for things, a good budget can help them understand the value of money.
They can start to divide money into piles so they can see how their money will be spent and learn how savings build up.
3. Safe online shopping
Now is a good time to teach children how to shop carefully online.
Look to show kids:
- How to avoid fraud-threats
- How to have a budget
- How to comparison-shop
Responsible, smart shopping is an important life skill.
4. Teach about how and why we can give to charity
The holidays are also an excellent time to remind children that not everyone is in the same financial boat and that those with enough can help out others.
5. Show children how you earn money
You can talk about how to earn money, through work, a job, or investments.
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