Many parents were never taught about money and don’t know where to start when it comes to teaching their child the value of money. Wouldn’t it give you peace of mind to know you’re passing good money habits along? By the early age of 7, many of your child’s money habits are set.
Your job as a parent is to teach your kids financial responsibility. Learning basic money skills and concepts such as patience and delayed gratification can mean the difference of raising financially savvy kids or not.
The money behaviors your child observes and learns in childhood will shape their attitudes and future money habits.
Lead by example
Kids are constantly getting messages about money in the home, through the television and the media. They are highly perceptive and internalize the spoken and unspoken messages they receive.
How do you speak about money? What do you say about it? Do you have an abundant or scarcity mindset towards money?
Let your children hear you talk positively about money. Encourage your child to express gratitude for the little things in life.