So, last week when I posted part nine of raising money savvy kids, I realized that it was out of order after I posted. My mistake! It’s still a valuable post so I left it as is. This week, part eight, is going to cover teaching kids about money and values. Next week will be the final part of the series and then we’ll move on to teaching kids how to save money. I think I have that all straight so let’s get to this next installment of how to raise a money savvy kid.
You have your own beliefs about money and they might just differ from my beliefs about money.
These beliefs come from your parents, they come from your experience, and they come from your knowledge about money. Your child will learn their money values from you. It’s important to become clear about what you want them to learn. Your actions and words have an impact.
For example, imagine you’re sitting at the kitchen table and you’re paying bills and you say, “There’s never enough.” Your child hears this and it can become part of their own money language. Do you want them to have that attitude toward money or do you want something different for them?
Get Clear on Your Beliefs about Money
What’s your money mindset? What thoughts do you have about money? What sayings do you find yourself repeating? For example, you may have grown up hearing, “Money doesn’t grow on trees.” Maybe you integrated that saying into your own life.
Write down or think about your beliefs and attitude toward money.
Just because you find yourself saying something doesn’t mean you actually believe it. Explore what you believe to be true about money and what you want your child to believe about money.
Think about How You Can Model Your Beliefs
What can you do when you’re budgeting, talking about money and teaching your child about money that can support your beliefs? For example, if you want your child to believe that they can control their money and their financial situation then you can demonstrate that with positive comments about your own budget and financial situation.
You can model your beliefs by being actively engaged in budgeting and managing your money. Your child will see this behavior and embrace it as part of their own experience and belief system.
What Values Do You Want Your Child to Have about Money?
Finally, think about the values that you have about money and what you want your child to value. Some examples include:
* Saving – Saving money for short-term goals, medium-term goals, and long-term goals. How can you model this value and help your child embrace saving?
* Giving – Do you donate money to others? If so, what percentage of your income do you tithe? How can you model this value and teach your child to also donate some of their money or time to others?
* Materialism – Children and adults both enjoy buying things. There’s a balance between buying what you need and what you want. Teaching this balance is difficult. Think about your own values on material goods and how you can model the values that you want your child to have.
Children will grow up with their own thoughts, beliefs, and values about money.
Empowering them now with skills and behaviors that support good money management will only strengthen their abilities as an adult. Identify what you believe about money, model that behavior, and effectively teach your child to value money in a healthy and productive way.
What would you suggest for teaching kids about money and values?