Money Habits For Our Children

How well do your children understand money ?
Part of our afternoons or early mornings is sometimes in front of the television. When the children’s shows are on, they certainly pack in the commercials advertising products for children. How Clever !!
My son quite often asks if he can have something. If we were to buy just a few of the things he shows an interest in, then money would have to grow on trees.So, I ask him if he is going to pay for these things and also where he is going to put them.That’s why it’s important for children to understand money. He is 5 years old, but has a few chores around the house, such as pulling the curtains at night,setting the table before dinner. There’s also a few things we expect of him, like getting dressed at 7am. May seem simple, but a 5 year old sometimes needs to be told to get going in the morning….  If he does these things, he gets a sticker on a chart.Once this chart is full, he receives a reward. For example, recently. we let him pick something at The $2 Shop. These shops have many things priced anywhere from $2 up to about $10-$15. They have a HUGE variety of things.

Both of our children have piggy banks in their bedrooms which spare change is placed into. Once these become full, it will be placed in their bank account. Spare change isn’t as frequent as it used to be though. In this day and age, eftpos seems to be used most of the time. Our children go to the supermarket on a regular basis. Because I am unable to drive, it has been a weekend family outing for a long time. Even the likes of this can help. Get your children involved in the writing of your list. Children develop many skills in their early years that add to the understanding of money. First they need to recognize numbers, put them into order. My daughter has started to do this. She is 3 yrs old a couple of days before Christmas. If children want something, it’s better that they save for it than just have it handed to them. That will teach them a lesson for how it really works, and how it will be later in life when it comes to saving for a car, or maybe their first home. By the time my son is 8, I will be hoping he understand that spending decisions are irreversible. Luxuries and Necessities is also something else to think about. Plan ahead and don’t rush into spending……………..Delay decisions. Money is something you can learn about everyday. I am currently reading books on “Finance”. Exciting Stuff !!

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