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5 Ways To Teach Good Money Habits To Your Kids

5 Ways To Teach Good Money Habits To Your Kids

For most adults, the first meeting with money management comes in the form of a coin collector box. You remember getting a buck from family after a task or doing a good deed and putting it in your piggy bank.

Did you know that kids as young as three years old can understand the theories of spending and saving? Not only this, but their money habits are typically set by the age of seven, according to a study by the University of Cambridge. As per the report, parents have the biggest influence on their children’s money-management habits. Consequently, the teaching of financial responsibility by parents should not stop with the piggy bank, as they are the first influence on their child’s financial behaviors. Teaching some good money habits to kids can save them from making some major mistakes in the future. The economic crisis indicates that every parent should start developing good money habits in their kids (from the age of three) to establish a well-founded financial base.

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Here are some important lessons about money that we should all impart on our children to help them take control of their financial futures.

1. Model good financial behavior

The first and most important thing to keep in mind is that children have a tendency to do what their parents or their elders do. Children are very observant, and often adopt and soak in many actions simply from watching their parents. Therefore, parents should model good financial behavior by showcasing positive financial habits and philosophies on a daily basis. This includes things like shopping on a set budget, using coupons and discount offers to pay less for goods, and making choices between new and used baby accessories, which can all make a huge impact on savings. Do your research to demonstrate the opportunity costs involved, and talk about money management.

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2. Save for the future

The concept of saving to build a successful financial foundation is very common, but it can be difficult to implement as kids quickly become attracted to the latest items on the market.

Open a savings account for your child to which they contribute each week. At the end of each month, show them the monthly bank statement — this will motivate them to save more from their weekly pocket money. This is the first baby step toward setting your child up for a lifetime of good financial habits.

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According to a research by the University of Wisconsin-Madison, even preschoolers can learn basic financial concepts.

3. Involve them in shopping and budgeting

You can help your kids to learn constructive money habits by involving them in your weekly household goods shopping and in creating monthly budgets. During visits to grocery store and other shops, let children take charge of the shopping lists. Encourage them to choose the best products with value and use this situation to discuss spending, saving, planning, and more. Budgeting should be a part of yours, as well as your kid’s, life. The development of successful personal finance hinges on budgeting. Train kids to budget for every little thing.

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4. Let them wait to buy something they want

This is the hardest lesson for every age group to learn, especially for teenage children. Parents should assist them in choosing things that they really need. Extra expenses will make them devalue the amount of money given to them.

“Money doesn’t grow on Trees” — this is the guide that every parent should use to raise financially responsible children. At an early age, kids need to learn that if they really want to buy something, they have to wait and save to buy it. Money lessons at this age set the tone for their future. Make them understand that going into a store doesn’t always mean you will buy something.

 5. Let them make mistakes

Even if you believe that your child is about to waste their money on a toy or game they will be soon tired of, let them buy the item, because it might just teach them a lasting lesson. They will feel like they wasted money ​on toys they enjoyed only one or two times and will remember this in the future. So, let the kids do the work themselves, let them make mistakes and have fun. Explain how you learned from certain missteps in your own childhood.

Featured photo credit: studio-r via studio-r.biz

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Tayyab Babar

Tayyab is a PR/Marketing consultant. He writes about work, productivity and tech tips at Lifehack.

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Published on April 9, 2021

50 Single Mom Quotes On Staying Strong And Loving

50 Single Mom Quotes On Staying Strong And Loving

Being a mom is not easy. Being a single mom is even more challenging. Having children means you are on the job 24/7. Even while you are sleeping, you are still ready to wake at the slightest peep because that is what moms do.

Moms, especially single moms, need more people cheering them on. Your love and care matter to your kids. You are their superhero. I think single moms are superheroes, too.

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The quotes below are words of encouragement for all of the single moms out there. Keep up the great work! Your hard work will pay off. Someday, they will be grown up and living on their own. Your job will never truly be done as a mom, but you can pat yourself on the back today and every day for doing mom duty day in and day out.

Here are 50 single mom quotes to encourage all the single moms out there.

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  1. “Being raised by a single mother, I learned to appreciate and value independent women.”—Kenny Conley
  2. “As a single mum you’ll discover inner strengths and capabilities you never knew you had.”—Emma-Louise Smith
  3. “One thing I know for sure – this motherhood thing is not for sissies.”—Jennifer Nettles
  4. “Mothers and their children are in a category all their own. There’s no bond so strong in the entire world. No love so instantaneous and forgiving.”—Gail Tsukiyama
  5. “And one day she discovered that she was fierce and strong, and full of fire and that not even she could hold herself back because her passion burned brighter than her fears.”—Mark Anthony
  6. “She never quite leaves her children at home, even when she doesn’t take them along.”—Margaret Culkin Banning
  7. “The most common way people give up their power is by thinking they don’t have any.”—Alice Walker
  8. “Everyone has inside of her a piece of good news. The good news is that you don’t know how great you can be, how much you can love, what you can accomplish, and what your potential is.”—Anne Frank
  9. “Doubt is a killer. You just have to know who you are and what you stand for.”—Jennifer Lopez
  10. “You are more powerful than you know; you are beautiful just as you are.”—Melissa Etheridge
  11. “Motherhood is the greatest thing and the hardest thing.”—Ricki Lake
  12. “You don’t take a class; you’re thrown into motherhood and learn from experience.”—Jennie Finch
  13. “If you look at what you have in life, you’ll always have more. If you look at what you don’t have in life, you’ll never have enough.”—Oprah Winfrey
  14. “I am no bird; and no net ensnares me: I am a free human being with an independent will.”—Charlotte Brontë
  15. “Above all, be the heroine of your life, not the victim.”—Nora Ephron
  16. “When a woman becomes her own best friend life is easier.”—Diane Von Furstenberg
  17. “If you want something said, ask a man; if you want something done, ask a woman.”—Margaret Thatcher
  18. “Women have discovered that they cannot rely on men’s chivalry to give them justice.”—Helen Keller
  19. “Successful mothers are not the ones that have never struggled. They are the ones that never give up, despite the struggles.”—Sharon Jaynes
  20. “Success, they taught me, is built on the foundation of courage, hard work, and individual responsibility. Despite what some would have us believe, success is not built on resentment and fears.”—Susana Martinez
  21. “You may not control all the events that happen to you, but you can decide not to be reduced by them.”—Maya Angelou
  22. “The question isn’t who’s going to let me; it’s who is going to stop me.”—Ayn Rand
  23. “God could not be everywhere, and therefore he made mothers.”—Rudyard Kipling
  24. “The women whom I love and admire for their strength and grace did not get that way because stuff worked out. They got that way because stuff went wrong, and they handled it. They handled it in a thousand different ways on a thousand different days, but they handled it. Those women are my superheroes.”—Elizabeth Gilbert
  25. “There will be so many times you feel like you failed. But in the eyes, ears, and mind of your child, you are a SUPER MOM.”—Stephanie Precourt
  26. “Motherhood is the ultimate call to sacrifice.”—Wangechi Mutu
  27. “We may encounter many defeats but we must not be defeated.”—Maya Angelou
  28. “A mother’s arms are more comforting than anyone else’s.”—Princess Diana
  29. “There’s no way to be a perfect mother and a million ways to be a good one.”—Jill Churchill
  30. “There’s no doubt that motherhood is the best thing in my life. It’s all that really matters.”—Courtney Cox
  31. “I realized when you look at your mother, you are looking at the purest love you will ever know.”—Mitch Albom
  32. “I have found being a mother has made me emotionally raw in many situations. Your heart is beating outside your body when you have a baby.”—Kate Beckinsale
  33. “Single moms, you are a doctor, a teacher, a nurse, a maid, a cook, a referee, a heroine, a provider, a defender, a protector, a true Superwoman. Wear your cape proudly.”—Mandy Hale
  34. “I’m not really single. I mean, I am, but I have a son. Being a single mother is different from being a single woman.”—Kate Hudson
  35. “Being a single parent is twice the work, twice the stress, and twice the tears but also twice the hugs, twice the love, and twice the pride.”—Unknown
  36. “For me, motherhood is learning about the strengths I didn’t know I had, and dealing with the fears I didn’t know existed.”—Halle Berry
  37. “A single mom tries when things are hard. She never gives up. She believes in her family, even when things are tough. She knows that above all things… a mother’s love is more than enough.”—Denice Williams
  38. “You do the best you can. Some days you feel really good about yourself and some days you don’t.”—Katie Holmes
  39. “I would say to any single parent currently feeling the weight of stereotype or stigmatization that I am prouder of my years as a single mother than of any other part of my life.”JK Rowling
  40. “Just because I am a single mother doesn’t mean I cannot be a success.”—Yvonne Kaloki
  41. “I didn’t plan on being a single mom, but you have to deal with the cards you are dealt the best way you can.”—Tichina Arnold
  42. “Nothing you do for children is ever wasted.”—Garrison Keillor
  43. “A single mom tries when things are hard. She never gives up. She believes in her family, even when things are tough. She knows that above all things, a mother’s love is more than enough.”—Deniece Williams
  44. “Motherhood has a very humanizing effect. Everything gets reduced to essentials.”—Meryl Streep
  45. “Having kids—the responsibility of rearing good, kind, ethical, responsible human beings—is the biggest job anyone can embark on.”—Maria Shriver
  46. “Mother is a verb. It’s something you do. Not just who you are.”—Cheryl Lacey Donovan
  47. “A mother’s love for her child is like nothing else in the world. It knows no law, no pity, it dates all things and crushes down remorselessly all that stands in its path.”—Agatha Christie
  48. “A mother’s arms are more comforting than anyone else’s.”—Princess Diana
  49. “The hand that rocks the cradle is the hand that rules the world.”—W.R. Wallace
  50. “Being a mother is the greatest blessing and the hardest challenge in all of life.”—Dr. Magdalena Battles

Final Thoughts

Single moms are remarkable women. They are to be respected and honored for all that they do. If you know a single mom, then share this article with them. Tell them “you are doing a great job as a single mom.” They need our encouragement and support.

They may be parenting alone, but it is good to let them know that there are people in their life who care for them. We can all be there for the single moms out there. Even if it is just to say, “keep up the great work, you are an amazing woman!”

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If you are a single mom, keep up the good work! You are amazing, and your kids are lucky to have you!

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Featured photo credit: Alexander Dummer via unsplash.com

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