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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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Published on December 14, 2018

14 Helpful Tips for Single Parents: How to Stay Sane While Doing it All

14 Helpful Tips for Single Parents: How to Stay Sane While Doing it All

According to the U.S. Census Bureau, over 27% of children under the age of 18 are living with a single parent.[1] That’s over 1/4th of the U.S. population.There is a common misconception that children who grow up in single parent homes are not as successful as children living in two-parent homes.

One crucial detail that was often left out of studies when comparing single and two-parent homes was the stability of the household. There is a correlation between family structure and family stability, but this study shows that children who grow up in stable single-parent homes do as well as those in married households in terms of academic abilities and behavior.

But providing stability is easier said than done. With only one adult to act as a parent, some tasks are inherently more challenging. However, there are a few helpful things you can do to make the parenting journey a little easier for yourself and stay sane while doing it.

1. Don’t Neglect Self-Care

Before anything else can be done, you must be caring for your own needs adequately. Only when you are feeling well-rested and healthy can you be at your best for your children.

Many parents tend to put their kids’ needs first and their owns last, but that will result in a never-ending cycle of exhaustion and feelings of inadequacy. Make time to eat regularly and healthfully, get plenty of rest, and squeeze in exercise whenever you can. Even a short walk around the neighborhood will help your body get much-needed movement and fresh air.

Your children depend on you, and it’s up to you to make sure that you are well-equipped and ready to take on that responsibility.

2. Join Forces with Other Single Parents

At times, it may seem like you’re the only person who knows what it’s like to be a single parent. However, the statistics say that there are many others who know exactly what you’re going through.

Find single parents locally, through your kid’s school, extracurricular activities, or even an app. There are also numerous online communities that can offer support and advice, through Facebook or sites like Single Mom Nation.

Although single moms make up the majority of single parents, there are more than 2.6 million single dads in the U.S. A great way to connect is through Meetup. Other single parents will more than happy to arrange babysitting swaps, playdates, and carpools.

Join forces in order to form mutually beneficial relationships.

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3. Build a Community

In addition to finding support with other single parents, also build a community comprised of families of all different types. Rather than focus solely on the single parent aspect of your identity, look for parents and kids who share other things in common.

Join a playgroup, get plugged in at a church, or get to know the parents of the kids involved in the same extracurricular activities. Having a community of a variety of people and families will bring diversity and excitement into your and your kids’ lives.

4. Accept Help

Don’t try to be a superhero and do it all yourself. There are probably people in your life who care about you and your kids and want to help you. Let them know what types of things would be most appreciated, whether it’s bringing meals once a week, helping with rides to school, or giving you time to yourself.

There is no shame in asking for help and accepting assistance from loved ones. You will not be perceived as weak or incompetent. You are being a good parent by being resourceful and allowing others to give you a much-needed break.

5. Get Creative with Childcare

Raising a child on a single income is a challenge, with the high cost of daycares, nannies, and other conventional childcare services. More affordable options are possible if you go a less traditional route.

If you have space and live in a college town, offer a college student housing in exchange for regular childcare. Or swap kids with other single parents so that your kids have friends to play with while the parents get time to themselves.

When I was younger, my parents had a group of five family friends, and all of the children would rotate to a different house each day of the week, during the summer months. The kids would have a great time playing with each other, and the parents’ job becomes a lot easier. That’s what you would call a win-win situation.

6. Plan Ahead for Emergencies

As a single parent, a backup plan or two is a must in emergency situations. Make a list of people you know you can call in a moment’s notice. There will be times in which you need help, and it’s important to know ahead of time who you can rely on.

Look into whether or not your area offers emergency babysitting services or a drop-in daycare. Knowing who will be able to care for your child in the event of an emergency can relieve one potential source of anxiety in stressful situations.

7. Create a Routine

Routines are crucial for young children because knowing what to expect gives them a semblance of control. This is even more important when in a single parent home.

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If the child travels between homes or has multiple caretakers, life can seem extremely chaotic and unpredictable. Establish a routine and schedule for your child as much as possible. This can include bedtime, before/after school, chores, meal times, and even a weekend routine.

Having a routine does not mean things cannot change. It is merely a default schedule to fall back on when no additional events or activities are going on. When your children know what to expect, they will be less resistant because they know what to expect, and days will run much more smoothly.

8. Be Consistent with Rules and Discipline

If your child has multiple caretakers, such as another parent, grandparent, or babysitter, communicate clearly on how discipline will be handled. Talk to your ex, if you are sharing custody, as well as any other caretakers about the rules and the agreed-upon approach to discipline.

When a child realizes that certain rules can be bent with certain people, he/she will use it to their advantage, causing additional issues with limits, behavior, and discipline down the road.

This article may help you to discipline your child better:

How to Discipline a Child (The Complete Guide for Different Ages)

9. Stay Positive

Everyone has heard the saying, “Mind over matter.” But there really is so much power behind your mentality. It can change your perspective and make a difficult situation so much better.

Your kids will be able to detect even the smallest shift in your attitude. When the responsibilities of motherhood are overwhelming, stay focused on the positive things in your life, such as your friends and family. This will produce a much more stable home environment.

Maintain your sense of humor and don’t be afraid to be silly. Look towards the future and the great things that are still to come for you and your family. Rediscover and redefine your family values.

10. Move Past the Guilt

In a single parent home, it is impossible to act as both parents, regardless of how hard you try. Let go of the things that you cannot do as a single parent, and instead, think of the great things you ARE able to provide for your children.

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Leave behind the notion that life would be easier or better with two parents. This is simply not true. There is a multitude of pros and cons to all family dynamics, and the one you are providing for your kids now is the one that they need.

Don’t get bogged down by guilt or regret. Take control of your life and be the best parent you can by being present and engaged with them on a daily basis.

11. Answer Questions Honestly

Your kids may have questions about why their home situation is different from many of their friends. When asked, don’t sugarcoat the situation or give them an answer that is not accurate.

Depending on their age, take this opportunity to explain the truth of what happened and how the current circumstances came about. Not all families have two parents, whether that is due to divorce, death, or whatever else life brings.

Don’t give more detail than necessary or talk badly about the other parent. But strive to be truthful and honest. Your children will benefit more from your candor than a made-up story.

12. Treat Kids Like Kids

In the absence of a partner, it can be tempting to rely on your children for comfort, companionship, or sympathy. But your kids are not equipped to play this role for you.

There are many details within an adult relationship that children are not able to understand or process, and it will only cause confusion and resentment.

Do not take out your anger on your kids. Separate your emotional needs from your role as a mother. If you find yourself depending on your kids too much, look for adult friends or family members that you can talk to about your issues.

13. Find Role Models

Find positive role models of the opposite sex for your child. It’s crucial that your child does not form negative associations with an entire gender of people.

Find close friends or family members that would be willing to spend one-on-one time with your kids. Encourage them to form meaningful relationships with people that you trust and that they can look up to.

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Role models can make a huge difference in the path that a child decides to take, so be intentional about the ones that you put in your kids’ lives.

14. Be Affectionate and Give Praise

Your children need your affection and praise on a daily basis. Engage with your kids as often as possible by playing with them, going on outings, and encouraging open dialogue.

Affirm them in the things that they are doing well, no matter how small. Praise their efforts, rather than their achievements. This will inspire them to continue to put forth hard work and not give up when success is not achieved.

Rather than spending money on gifts, spend time and effort in making lasting memories.

Final Thoughts

Being a single parent is a challenging responsibility to take on. Without the help of a partner to fall back on, single parents have a lot more to take on.

However, studies show that growing up in a single parent home does not have a negative effect on achievement in school. As long as the family is a stable and safe environment, kids are able to excel and do well in life.

Use these tips in order to be a reliable and capable parent for your kids, while maintaining your own well-being and sanity.

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Featured photo credit: Bruno Nascimento via unsplash.com

Reference

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