Teaching Char healthy money management skills is very important to my husband and me. From saving to spending, we are raising her to be smart, to use discernment, and to stay organized when it comes to her finances. Like every ten-year-old, she wants everything! Learning how to be mindful with money hasn’t been the most fun for our oldest girl, but she is discovering the importance that comes along with being financially free. Ryan and I feel that it’s never too soon to start talking to your kids about wise spending and healthy money habits. We started the money talk in kindergarten with Charleigh.
We've used money in a few different ways, educationally, too! When Char was younger, starting around 1st grade, we used spare change lying around to help her count and to become familiar with currency. If she got the coin names and their matching denominations right, she would get all of the change to put in her piggy bank. Making money fun versus fearful is pivotal for us! We do our best to instill habits that encourage our daughter to use, not only her money but her mind, thoughtfully.
Things that we are teaching Char:
1. Don't spend your money all in one place. Space out your spending! It's ok to want certain things, but responsibility has to come along with that. A big question we ask her is, do you want this thing for now or for the long run? Quality and functionality over quantity.
2. Save some cash for a rainy day or a special something. Blowing through the little money she has, has happened before. We've let Char experiment with trial and error. She is now aware that the choice is hers, but if she decides to spend all of her money at once, she will not have any more for next time
3. Organize your bills! We went through a stage when all her money was balled up and stuffed into her wallet or money bank. Sometimes even ripped up by zippers in purses of pouches. It took a lot of practice getting her used to keeping her money neat, but she's gotten the hang of it!
What are some ways that you're teaching your children how to be mindful with their money? Leave a comment below.
Note: This post is in paid partnership with Bank of America. All opinions and statements shared are my own. Learn more here.