Sure, we want to teach children manners, life experiences, not to mention protect their safety growing up, but one thing not to miss out on is the value of a dollar. Now that does not mean just what you can get for that dollar, but also what responsibility comes with having money. You can either blow the money you have, save every penny, or a vast majority somewhere in between. We have learned our lessons over the years, whether it was money success or fails, but now it’s time to share our knowledge with our kids.
Organization is key in a lot of ways in life, and it doesn’t stop when it comes to finances. Whether it is making a shopping list before your grocery shopping or running errands, or paying the bills when they’re due, staying organized can boost your credit score by never missing a payment, and when it comes to spending, avoiding impulse purchases and sticking to the task at hand when you go out shopping and not be easily distracted by items that are not on your list and risk throwing off your budget.
Find the Best Deal
Kids these days, wow I just caught myself sounding old, but it’s true, they do have it so easy when it comes to comparing prices for an item that you are looking to purchase. Instead of wasting gas, not to mention your time, on driving across town to save a few bucks, kids now only know online shopping, and you can compare virtually endless amounts of sites in a few minutes to see what the best deal is before you make the purchase. Not to mention free shipping, there really isn’t a reason to go shopping in public anymore.
Appreciate What You Have
Here is really where the value of a dollar comes in. Each family dynamic and money situation is different, it doesn’t make anyone better or worse, but it is important to have your children appreciate what they have, and look forward to what they do get, instead of buying spoiled and have everything. Sure, our parents spoiled us and we will spoil our kids more, but there is a line to draw when it comes that our kids are old enough to understand that maybe their family doesn’t have enough money as another, and to understand that it is ok.
Teach with Cash
As I mentioned with online shopping, cash is pretty much lost these days (how much cash do you keep on you, probably not much if anything at all?). A good way of setting a budget is to have a set amount of cash to use, and when it’s gone it’s gone, so it makes the child really pay attention to how much items cost and what they have left. If you give a couple hundred for school clothes and supplies, do they blow it all on one big item, or spread it out to accomplish all they are looking for?