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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.

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  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 May 21, 2021

Bedtimes For Kids At Different Ages (Your Go-To Guide)

Bedtimes For Kids At Different Ages (Your Go-To Guide)

Bedtimes for kids might be one of the most challenging parts of the day. Parents are tired and ready to relax, while kids of all ages seem to find extra energy and want nothing to do with sleep. One more story, one more trip to the bathroom, and one more question quickly make for a late-night, and no one gets the rest they need.

If this happens often, you might start wondering if you and your child are getting the proper amount of sleep and how to make bedtime easier. Why is it so crucial for your child to get enough sleep? What does sleep deprivation look like? How do you improve bedtimes for kids?

How Sleep Impacts Your Child’s Health

Whether young or old, sleep is a vital part of staying healthy. There are many benefits to getting the right amount of sleep while not getting enough can have negative consequences. How does it impact your child?[1]

  • Brain Function – Sleep is linked to certain brain functions such as concentration, productivity, and cognition. These all impact a child’s behavior and academic success.
  • Weight – Sleep patterns affect the hormones responsible for appetite. A lack of sleep interferes with the ability to regulate food intake, making overeating more likely.
  • Physical Performance – Sleep impacts a person’s physical abilities. Proper rest means better performance, concentration, energy, mental clarity, and faster speed.
  • Physical Health – There are many ways sleep promotes health. Sleep heals the body but also helps prevent disease and health issues. Getting proper rest will regulate blood pressure, help prevent heart disease, reduce chances of sleep apnea, reduce inflammation, boost immune system, and lower risk of weight gain.
  • Improve Mental Health – A lack of sleep has a negative impact on mood and social and emotional intelligence. A child not getting proper sleep is more likely to experience depression, lack empathy and be unaware of other people’s emotions and reactions.

Sleep, Risky Behavior, and Teens

Studies found that teens were more likely to engage in risky behavior when they are sleep-deprived. They’ll have problems regulating their mood, making them more short-tempered, aggressive, and impulsive. Their inability to self-regulate can even look like the symptoms of ADHD.[2]

Sleep deprivation becomes hazardous when teens are driving. The impulsiveness and risk-taking, along with exhaustion, put them at a higher risk for accidents. In fact, driving tired is comparable to driving with a blood alcohol content of .08.[3]

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You can see why sleep is so essential to everyone’s health, but how much is needed? What do pediatricians recommend? Is it the same for all ages?

Sleep Recommendations From Pediatricians

Sleep requirements vary by age. It won’t be the same for every individual. Some people find that they need more sleep than others.

Here is a basic guideline of what pediatricians now recommend:[4]

  • Ages 4-12 months: 12-16 hours (including naps)
  • Ages 1-2 years: 11-14 hours (including naps)
  • Ages 3-5 years: 10-13 hours (including naps)
  • Age 6-12 years: 9-12 hours
  • Age 13-18 years: 8-10 hours

Increase the amount of sleep if your child isn’t thriving on the recommended amount.

Signs Your Child Isn’t Getting Enough Sleep

There are ways to tell if your child is getting adequate sleep beyond the usual grumpiness. Here are specific things to watch out for:[5]

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  • Excessive sleepiness during the day
  • Difficulty waking up on time
  • Hyperactivity
  • Depression
  • Inattention
  • Mood swings
  • Aggressive behavior
  • Irritability
  • Impatience
  • Impulse control

As you can see, prolonged lack of sleep can cause relational problems and hinder your child’s ability to do well in school. What can you do if you realize your child is not getting enough sleep? How can you improve bedtimes for your kids?

How to Set Up a Bedtime Routine

Sleep hygiene or a bedtime schedule will help your child fall asleep faster. It will also improve the quality of sleep. You will need to adjust to what works for your family, but the following suggestions can help everyone have a more pleasant bedtime.

For Babies

Most people think they have to let their baby “cry it out” at bedtime. However, there are ways you can teach a baby to sleep without tears, making the experience more pleasant for everyone. In fact, studies show the faded bedtime method—or gentle sleep training—is just as effective as leaving a baby to cry but without the stress.[6] What is gentle sleep training?

Gentle Sleep Training

This method eases babies and young children into falling asleep on their own. There are two ways to do this:

1. Positive Routines With Faded Bedtime

Kids learn to fall asleep easily by using comforting, quiet, and predictable rituals, up to twenty minutes long. The key is to choose a bedtime that’s not too early. A child that isn’t tired will only fight sleep.

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Start the process when your baby or child is sleepy, even if it’s later than you’d prefer. You’ll notice a pattern and quickly discover the time they naturally start winding down. Make this their bedtime for now. They will learn to associate sleep with the routine, and you’ll be able to start fifteen to twenty minutes earlier to slowly adjust their schedule.

2. Sleep With Parental Presence

With this method, you lie down with your baby or child until they fall asleep. Over time, you pay less attention to your child, gradually sitting up, then sitting in a chair. Eventually, your child will be able to sleep without you. A study showed that using this method helped infants sleep longer and wake up less.[7]

Both of these ways take time but are effective and less traumatic than leaving an infant or young child to cry.

More Tips to Help Your Baby Sleep Better

You want to build a routine, but how? What are practical things you can do to help your baby get ready for bed?

Here are tips for a soothing and calm bedtime:[8]

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  • Help set their “internal clock” by exposing them to natural daylight, daytime activities, and the calmness of evening.
  • Block blue light exposure.
  • Make the hour up to bedtime calm, peaceful, and pleasant.
  • Learn how to keep stress minimal for you and your baby.
  • Don’t force sleep. It will increase anxiety and make rest more difficult.
  • Avoid late afternoon naps
  • Prolong the time between nap and bedtime.
  • Feed baby right before bed.
  • Avoid intervening too soon if the baby starts to wake up. Give your child a chance to fall back asleep without your help.

For Elementary-Aged Children

It’s easier to follow a routine if you start young, but it’s never too late to begin. The good news is it only takes a few nights to notice an improvement in your child’s sleep.

These ideas will help you set up a schedule that will encourage your child to fall asleep easier, faster, and for a more extended period.[9]

  • Offer them a nutritious snack.
  • Bathe them.
  • Brush their teeth and go to the bathroom.
  • Read them a story.
  • Sing them a song.
  • Cuddle or massage them.
  • Talk about the day.

For best results, choose a handful of activities and do them in the same order each night. Dim the lights and keep activity minimal to help everyone slow down.

For Teens

They might fight the idea of getting more sleep, but teens will benefit from a routine, too. They’re usually capable of overseeing their bedtime, but a little structure and oversight can help them get the sleep they need. By implementing the following tips, your teen can get better rest.[10]

  • Avoid caffeine in the evening.
  • Limit screen time.
  • Avoid late-night binging.
  • Exercise, ideally sixty minutes a day.
  • Keep the bedroom dark, cool, and quiet.
  • Talk through problems.

Quality Sleep for a Healthy Life

Bedtimes for kids can be an enjoyable part of the day with proper sleep hygiene in place. Not only can it be quality time with your child, but it can also set them on the road to good health and high performance. By implementing these tips, you can ensure proper rest for the whole family and better bedtimes for kids.

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Featured photo credit: Igordoon Primus via unsplash.com

Reference

[1] Medical News Today: Why Sleep Is Essential For Health
[2] Child Mind Institute: Teens And Sleep: The Cost Of Sleep Deprivation
[3] Depart of Health: Drowsy Driving Prevention, Teens Ages 16 To 19
[4] AAP publications: AAP Endorses New Recommendations On Sleep Times
[5] Journal of Excellence in Nursing Leadership: Sleep Deprivation In Children A Growing Public Health Concern
[6] Parenting Science: Gentle Infant Sleep Training
[7] BetterHealth: Solutions to sleep concerns (11) – babies 6 to 12 months
[8] Parenting Science: 15 Evidence-Based Baby Sleep Tips
[9] Sleep Foundation: Bedtime Routines For Children
[10] NHS: Sleep Tips For Teenagers

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