3 Things To Teach Your Kids About Money

“Money doesn’t grow on trees!” I heard it, and I’m sure you heard it growing up as well.  That, however, doesn’t teach our kids anything.  Here’s 3 things I teach my kids about money and I recommend you do as well.

1.  Give First

Giving is healthy no matter what stage you are at financially.  Help them realize it’s not all about them and grow their character early.  Fostering this outward focus will grow them into what their future selves are needing them to become.

2.  Save (Pay Yourself)

Teach them to save a large portion of their income.  Help them set a saving goal so they can see the power of building up their money to reach a goal and then actually reaching it!!

Delayed gratification is the #1 character trait of those who win in life and this is the first step in teaching them how to grow their character.

3.  Spend Wisely

Remember that wise finances is not about avoiding spending.  It’s about spending wisely according to a plan.  Help them think ahead about what they might want to get when attending an event (i.e. fair) or other outing.  Teach them to be proactive and encourage long-term thinking.

Once again, the power of delayed gratification is in play here and can be reinforced.  Show them the joy of being free to spend because they had a plan!

 

Question: What did your parents teach you about money?  What are you teaching your kids?  Share in the comments below!