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5 Tips For Teaching Money Management To Children

5 Tips For Teaching Money Management To Children

My parents taught me a lot of things about life, but the one thing that never seemed to be a priority was how to properly manage money.This lack of financial discipline carried over to my adulthood, which is when I had a real difficult time managing my funds in the beginning. However, I wasn’t going to make this same mistake and decided to teach my children some money management skills early on. I took a varied approach, including helping them opening their own savings account, which makes them comfortable dealing with banks, paying them for doing jobs so they learn the value of earning money, and encouraging wise spending anytime they wanted to by something. These, as well as gradually introducing them to the adult world of finance and spending can make them money masters by the time they hit their teens. Here are the top tips I learnt during my years of parenting, to effectively teach your children solid money management skills.

  1. Open a Savings Account

A lot of parents open a savings account  shortly after their child is born, but the child really isn’t an active part of that account. It’s best to open an account where the child can play an active role once they are able to understand the concept of money. Children often receive money for special occasions like birthdays or holidays and its fun for them to feel “grown up” for the child when they take that money to the bank to deposit it. These are life-long saving skills that carry through into adulthood.

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  1. Do Not Pay for Chores–Pay for Actual Work

A lot of parents use an allowance system for kids, paying them for keeping their room clean or for chores like doing dishes. I never did that, because some things are just life skills and a part of everyday life nobody is going to pay you later on in life. Instead, I broke down job descriptions into two categories: household responsibilities and paid jobs.Some chores such as cleaning a room or taking out the garbage is considered to be part of everyday living meaning that they won’t be paid to do them when they are adults. But other chores such as yard work, gardening or heavy duty cleaning are jobs that you may normally pay someone else to do. So, in this case, I would pay the children for this type of work. This strategy teaches children the value of earning money and hard work.

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  1. Learning Financial Penalties

Real life is full of financial penalties such as traffic citations, overdraft fees and other fines. Kids need to learn this early on. Children are mischievous and when they intentionally do something that costs money, don’t cover for them. Instead, punish them  withdrawing money from their own savings account and clearly explain why their own misbehavior led to the withdrawal. This will teach them take responsibility for their own actions.

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  1. Encourage Wise Spending

A parent loves their children which means our instinct triggers us to buy them the things they want. But this doesn’t teach anything about money management. It’s fun for a child when they want a special toy or piece of clothing, to purchase it with their own money.  They’re going to learn valuable life skills and patience if you allow them to save and pay for some purchases all on their own.

  1. Investments

A lot of people know little to nothing about just how investments work, but it’s a skill that should be developed early on and will pay off in the long run. If you do investments yourself, take the children with you to the broker and allow them to observe the process. Teaching your children the very basics of how investments work will only help them later on. Combining this with the basic skills of managing a bank account, taking up a job and have a savings strategy will allow them to become experts on managing their own money.

Featured photo credit: Sean Donnerty via flickr.com

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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!

More Tips for Single Moms

Featured photo credit: Alexander Dummer via unsplash.com

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