money management<\/a> skills? Start with these four lessons everyone needs to learn and pass on to their own children.<\/p>\n1. Give Every Dollar a Job<\/h3>\n
Kids need to learn that every dollar needs a purpose early on. You can teach the kids when they get an allowance and birthday money that a portion needs to go to savings, giving, and spending.<\/p>\n
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2. Say No to Impulse Buying<\/h3>\n
Saying \u201cno\u201d to kids when they want something in the store is hard, but it’s disastrous if a child gets used to impulsive buying. Instead, help children come up with a savings goal for a particular item. If they are saving $50 for a special toy, then they need to realize that $2 impulse buys on candy or junky toys will ultimately delay their saving goal and make them less happy.<\/p>\n
3. Learn How to Comparison Shop<\/h3>\n
I am still amazed at the many people who don’t comparison shop. Teaching your child how to take the time to do the research will help their money go further. A new iPad might cost $329, but if they shop on eBay or Amazon, they can get a refurbished model for half the price.<\/p>\n
Along with comparing prices, teach kids to look up reviews on items. I’ve saved thousands of dollars in my lifetime just by reading reviews of a product before I bought it. It stinks to pay a lot of money for something that doesn\u2019t work like it is advertised. Taking time to search the product beforehand can prevent wasted dollars.<\/p>\n
4. Learn How to Bounce Back from Mistakes<\/h3>\n
Even though you want to equip your child with financial wisdom, there is a good chance they will still make silly money mistakes. That is okay. It’s especially important for kids to make money mistakes now, when only a few dollars are at stake, rather than later when much more money is at risk.<\/p>\n
If your child is insistent on buying that low-quality toy or wasting their savings at the arcade, then let them do it. Hopefully, they will learn that spending money in this manner doesn’t make them as happy as they thought it would.<\/p>\n
The best way to teach your kids to be financially-wise is to be an example for them. Don\u2019t be afraid to talk to your children about your finances or about money mistakes you made when you were younger too. Your experience is extremely valuable, and not just to you.<\/p>\n
What kind of financial habits are you helping\u00a0your kids and teens develop? How can you prepare them for good money habits as adults?<\/strong><\/em><\/p>\n
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