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Teaching Money Skills to Kids
I’m a people watcher who loves to see how people spend their money. Do you ever look in the grocery cart behind you to see what goodies they are buying? Fun, isn’t it? You can tell if they are on some crazy diet or love sweets. You can sometimes even know if they are impulse buyers…one of the life skills I devote an entire lesson to so children will understand what it means to impulse buy and be better prepared to avoid it.
For a fun activity, the next time you’re in a store, have your children watch and try to remember what people buy as they wait in line at the check-out counter. Ask the kids when you get out of the store to decide if the items grabbed were necessities or impulse buys. While kids are young, seize every moment you can to equip them to be great money managers!
Learning money skills early in life is often an introduction to skills that make money for kids when they become kidpreneurs or start businesses as adults. For example, if children go with their parents to purchase tennis shoes and learn how to compare the costs of different styles, or better yet, look for them on sale, then they will gain some practical money skills that can to use the rest of their lives. If they start a business, they will most likely compare prices when buying things and will also know to offer sales items when they market their products. These actions will have come from knowledge gained from childhood. You can make this happen!
How? Again, turn shopping into a family money game where everyone is involved. Have children try to find the “best bargain” by comparing prices. Sometimes, you may have to explain why you buy a more expensive item: Quality vs. Quantity or Bargain vs. No One Wants! Kids love to be involved. It’s incredible when they can learn money skills while having fun!
Hopefully, children will stash their first-hand money skill experiences into their memories’ Money Management Toolbox. If this toolbox is full of great money skills in childhood, children can draw upon these experiences to make good money decisions. Not only will they know what to choose, but they will be able to make a money decision quickly and confidently.
Folks, it’s just not enough for a parent or teacher to tell kids what good money skills are, they must practice the skills until they become second nature. Money skills such as budgeting and saving give children a financial foundation to equip them for a debt-free lifestyle. Learning to be better shoppers makes them savvy consumers.
Parents and Teachers,
You CAN make a difference!
Fill your children’s Money Management Tool Box with practical money skills.
No matter where you go, there are opportunities to teach money skills: shopping, eating out, attending a movie or sports event. I’m sure you can name a lot more places where you can teach your children these valuable life skills. If you take the time to develop your kids’ Personal Finance Skills, they will thank you later.