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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 September 21, 2018

11 Smart Pieces of Advice to Help You Thrive as a Single Mother

11 Smart Pieces of Advice to Help You Thrive as a Single Mother

Becoming a mother is one of the most difficult challenges a woman can take on in her life. Whether this happens the “natural” way, with the help of science, or through adoption, being in charge of nurturing another human being is a herculean task to take on.

Typically, when we think about parenthood, we imagine two parents sharing the responsibility and having each other to lean on. However, according to the 2016 U.S. Census Bureau, 1 in 4 children under the age of 18 are being raised by a single mother.[1] This is a significant portion of the population that often gets overlooked.

If you are one of these mothers raising your children on your own, you are undoubtedly aware of the additional challenges that motherhood has placed upon you, including the constant struggle to find sufficient time, energy, money, and support.

For single mothers who find themselves bogged down by their daily responsibilities and struggle to stay afloat, don’t be fooled by the belief that you have to do all. It is possible to thrive and live as a single mother if you take advantage of all available resources and adjust your priorities based on your situation.

1. Find your community and ask for help

As the sole caretaker of your kids, going through the successes and struggles of parenthood can feel isolating and lonely. You have probably developed a strong sense of independence because you’ve had to go at it alone.

Being self-reliant is necessary in many situations that you have to face, but do not fool yourself into thinking that you don’t need support from others. If you have family nearby, strengthen your relationship with them by visiting and talking more often. Find time to catch up with old friends or co-workers, and don’t assume they don’t want to hang out if they are not parents themselves.

Would you prefer finding mom friends[2] who have more in common with you? Use resources like apps, Facebook groups, and community events to meet local moms in your area.

After you have established a support group that you can depend on, don’t be afraid to ask for help. It is NOT a sign of weakness or incompetency to admit you can’t do it all, and others are probably more willing to lend a hand than you think.

If you feel uncomfortable burdening others, suggest trading favors such as taking turns babysitting. Because after all, helping is each other is what community is all about.

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2. Make peace with the past

Before you can move forward, you must make peace with your past and not let it define you or rule your life. Whether your journey to single motherhood was through divorce, death, or never having a relationship the father, it is crucial that you leave behind the feelings of abandonment or betrayal you may be struggling with.

You cannot change the past and the hurt you had to endure, but you can use the strength that you gained from overcoming those obstacles to work towards making the best life for yourself and your child. Learn from the past but live in the present and look towards the future.

3. Make plans and set goals

The daily repetition of trying to balance work and home life can make you feel like you are on operating on autopilot. However, it is imperative to set goals for yourself and to keep working towards self-improvement.

In your personal life, you can set a fitness goal (train for a 5k), a reading goal (read 20 books in a year), or a travel goal (take a trip to Europe). At your job, you can set career goals such as gain leadership experience, get a promotion, or earn a degree or certificate.

Spend time creating a realistic plan to on how you can go about achieving these goals. Not only will working towards these goals make you a more well-rounded and successful person, they will bring more purpose and fulfillment to your life.

4. Look for role models

A great way to jump start your plans for the future is to find a role model or mentor who is further along in their life or career experience. This person can be a great resource when you need guidance on what types of goals to set for yourself and how to achieve them.

It’s also important to have people to turn to for encouragement during difficult seasons of life. Someone who has been through it before can provide the most genuine reassurance that tough times will get better and that staying positive is best approach.

5. Rethink your priorities

Single parents have twice as many responsibilities to take care of, so priorities and expectations must be adjusted accordingly.

Know that you are not superwoman and striving for a perfectly clean home, no dirty laundry, and home-cooked meals for your kids every day is not a reasonable expectation. It’s okay to take shortcuts sometimes, like serving your kids cereal for dinner or waiting until the next day to wash the dishes.

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Don’t compare yourself to anyone else and let go of the guilt that you feel for being the only parent that your kids can count on. Give yourself a break and don’t sweat the small stuff.

6. Make time for me time

Even though it can be difficult to find, making time for yourself is critical to maintaining your sanity and well-being. Without a built-in partner to take over, finding time to be away from the kids must be done intentionally and planned in advance.

If you are sharing custody, use the time away from your kids not only doing productive things but also making sure you are taking care of yourself. Sleep, exercise, and balanced diet are not things that can get pushed to the bottom of the priority list. Also make time for fun activities, such as hobbies and creative outlets.

Even though being a mother is the most important job you have, don’t let it be the only thing that defines you. Time for yourself is more difficult to find if you are the sole caretaker of your kids.

Use the resources that you have to devote time to self-care, and you and your kids will thank you for it in the long run.

7. Stay organized

With so many things to juggle, great organizational skills are an absolute must in order to keep everything moving smoothly. Use apps such as Mint for your finances, Mealime for meal planning, and Cozi as a family organizer for everything from appointments and shopping lists to after school activities.

Maintain constant contact if you are sharing custody so that it is clearly communicated who will be responsible for what when it comes to your kids. Follow consistent routines in the morning and nighttime so that your kids also know what to expect on a daily basis.

8. Be flexible (Don’t be a control freak)

Although it is important to be prepared and stay organized, things don’t always go according to plan.

When kids get sick and have to stay home or babysitters cancel at the last minute, allow for flexibility by having a contingency plan for childcare and with your employer.

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For example, make a list of people you can call when you need last minute childcare, or talk to your boss in advance about working from home when emergencies come up.

Most of all, don’t let unexpected changes stress you out and ruin your day.

9. Learn to say no (Don’t feel guilty)

Single mothers have limitations in time, energy and resources that families with two parents wouldn’t be able to understand. Because of these circumstances, it’s important you let go of feelings of guilt and stop trying to do everything and be everywhere.

You don’t have to say yes to every single birthday party your child is invited to. Your kids don’t have to be involved in sports and extracurricular activities every night of the week.

Limit the things you do to only the ones that are the most enjoyable and meaningful for you and your family. Doing more things does not make you a better mother; simply a more tired one.

10. Live within your means

When you have to raise your family on a single income, budgeting and spending within your means becomes more important than ever.

If you have outstanding debt that is accruing interest, make it a priority to pay those off as soon as possible. Outlining a budget is the best way to visualize how much money is being spent every month on various things and what is left over.

Find ways to save money on the necessities by looking for sales at the grocery store, buying some things secondhand, planning out meals.

After the necessary bills are paid, determine how much can be spent on luxury items such as eating out, vacations, and going to the movies.

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Don’t let finances be a source of anxiety for you and your family. Keep your bank account in good shape while teaching your kids how to spend money responsibly at the same time.

11. Spend quality time with your kids

The time you spend with your kids is so precious and much more limited as a single mother. Make the time that you spend with your kids count.

Rather than sitting in front of the TV, take them on fun and budget-friendly outings to the park, the playground, or a museum. Use meal times as the perfect excuse to ask them about what they are learning in school and the friends they spend time with.

When your kids ask you to play with them, look at it as a privilege and an opportunity to bond with them, rather than a distraction or waste of time. Be present when you are with them, with no work or multitasking on your mind. Your relationship with your kids will absolutely reap the benefits.

Final thoughts

Being a single mother is not an easy job. That’s why it’s important to use all the resources available to you in order to make this job a little bit easier.

Using technology, an organization system and a supportive community are just a few examples of things you should utilize to your benefit. It’s also important to shift your mindset and be more practical when it comes to things like priorities and finances.

Most of all, don’t forget about your own self care. Only when you take care of yourself can you best take care of the people you love.

Single mothers are some of the most hard-working people out there, and you deserve to have a happy and fulfilling life.

Featured photo credit: Alvaro Reyes via unsplash.com

Reference

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