“You must learn to save first and spend afterward.” -John Poole.
As a parent, you’d always select the best for your children. Right? Be it related to buying clothes or providing education, you’ll give them everything that ensures a bright and safe future. Compromising is never an option for you. That’s why you always try to fulfill their every desire.
But here’s the thing, kids generally don’t understand the importance of money. They have a “Like it! Want it!” kind of approach towards a few things. Which is not really a good habit and might also promote stubborn behavior. Thus, they need to understand that getting pocket money is easier, but managing it is a daunting task.
Luckily, with a little bit of practice and knowledge, you can help your kids build some good money habits. But what exactly are these habits? Scroll down to know!
- Set New Goals Every Month
The first thing that you need to teach your kids is to set new goals every month. You see, habits and goals usually go hand-in-hand. For instance, suppose your child’s goal is to get the latest smartphone. In that case, they must learn about what expenses they should cut back on so that they save the needed amount.
Once they finally accomplish their goal, you can also reward them by contributing some amount to get what they want. This will also act as a positive reinforcement for them.
- Keeping A Record Of Finances
Another thing that you need to teach your kids is to keep a record of their finances. They must know where their money is going. However, manually keeping a record is outdated. Moreover, there is a possibility that not every transaction is recorded correctly. Therefore, you should get a debit card for teens that helps kids monitor their balances. It will ensure that every transaction is getting recorded correctly.
Moreover, kids can review their expenses at any time by viewing “historic activity” on the application. It will help them understand their unnecessary costs. So, they will have control over them in the future.
- Become A Savvy Shopper
If your children are shopaholics, they must understand the value of money. For that, you should take them with you to go shopping. Use coupons, discount offers, and visit clearance sales. It will help them understand the concept of a savvy shopper. This way, they will think twice before recklessly spending their money. Believe it or not, but this habit is going to be their savior in university life.
- Tracking Financial Progress Every Month
Last but not least, you should also teach them to track their progress every month. Obviously, they are not going to save hundreds of dollars in the beginning. However, it will promote the habit of careful spending and saving. You should also ask them to always keep some backup or emergency fund.
The bottom line,
Building good habits ensures that your kids will have a safe and secure future. Plus, all the above-written habits are easy to adapt and follow. Nonetheless, you must stay by their side to guide them whenever necessary.
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