5 Money Habits To Avoid Teaching Your Kids
Given how important financial skills are for life, it is surprising that our present curriculum in schools doesn’t teach children anything about money.
As a parent, however, you want to teach your child these important money lessons. But, growing in a society that do not teach anything about money skills. Parents themselves acquired bad money habits that they repeatedly pass on to their kids.
Here are things you should not say or do with your child about money:
1. Don’t tell your kids: “We don’t have money”
Whether it is true or not, you have to stop doing that to your kids. Kids are like sponges, they take in everything they can. They learn so much when they are still young. If you keep telling them, “We don’t have money” and they keep absorbing that. They will grow up telling themselves, “We don’t have money! ”
2. Don’t pay your kids in exchange for doing a household chore.
Although the intention is good, which is to teach household chores to your kids. Whether you like it or not, you are setting your kids’ minds to an “Employee Mindset” by paying them for each chore done.
It’s a perfect example of a boss that pays an employee to do something for him. The child will grow up, knowing that it’s the way the world would be in the future.
3. Don’t tell your kids to study hard to be able to get a good paying job in the future.
Teach your kid to have an “Entrepreneur Mindset”. That he will soon help with the family business or set up his own business and create jobs for other people.
Tell him that there is another option, that he can build his own business and be his own boss.
4. Don’t always have a treat for them when you go home.
This might be very hard, as parents always fall into the easy way out when leaving home. "What treat do you like when I go home?
But this might instill a deeper understanding to the child, that you always have to bring treat every time. In addition, the child would be excited to see you not because of your presence, but because you have a treat.
Parents don’t have to completely stop buying treats for their kids. They can reduce the amount of treats and set rules on what and when to buy.
5. Refrain from always buying something for them if you are all in a store.
Set the ground rules.
Example: “We’re going to a toy store to buy Zander a present. You can look around. You can tell me what you want, but we are not buying you anything. Today is for Zander. Do you understand?”
Don’t be surprised if your child protests. Your response should be directed to your ground rules. From the original conversation you had with him before you enter the store. If you give in, you’ll be in big trouble. He won’t believe you the next time.
If you really want to buy something for him. Set the rules, that he is only entitled to only 1 toy/item and not more than that. You can give him the money and let him learn to budget/compare prices to buy what he wants.
Money skills are as important as instilling values to your child. It is an important life skill that everyone should have. Teaching it the soonest you can will be a big advantage to your growing up child as he becomes an adult. We are our child’s first teacher and teaching about managing finances should always be part of our curriculum starting at age 2.
Source: www.myfinancemd.com
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