Teaching your kids Money Principles during the holidays
Updated: Nov 11, 2020
With overwhelmingly busy schedules and hectic lives, most people don't get enough time to spend with their family, let alone teach their kids something new. However, holidays create the perfect opportunity for family members to come together and have a good time, which can be utilized to teach children Money principles.
Believe it or not, children know what money is from a very young age. In fact, money is one of the first concepts they come to grasp. They understand that it's a valuable thing, and it helps to get stuff that they want. However, when it comes to teaching the real value of money, what it really is, and how hard it is to earn, many parents forget about it or ignore it.
The education of money cannot be taught in one day, and it's not possible that the kids can learn it by themselves. Spending money is one thing; however, saving or managing it is an entirely different matter.
The habit of saving and managing money is hard to learn; however, its importance can't be denied. Thousands of people who don't understand the art of managing cash face difficulties at the end of the month or whenever their paycheck gets delayed for some reason.
The best example of this could be observed over the last several months when everything was shut down due to the coronavirus pandemic. Not only did Covid-19 become one of the biggest disasters witnessed by this generation, but it also played part in the highest poverty and unemployment rates ever recorded worldwide. Businesses were closed. Retirements were depleted. Savings were lost. Sadly, people who knew nothing about saving or managing money for bad times struggled the most, and it happened on a global scale.
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Teach the Children from a young age about Saving, spending, and Giving money:
Holidays are a wondrous occasion for teaching young children about the worth of money and its principles as these times are full of shopping, budgeting, and presents. The very first thing should be about saving money, how to do it, and why it is essential.
The best way to do this is by assigning them tasks related to saving money. Let's say you are going to buy their favorite video game on this holiday. Instead of buying the game by directly paying cash from your pockets, you can break down the game's total cost and insist your kids save their monthly allowance and pay for half of the price.
Once the kids learn how to save money, the next step of teaching how to spend the money becomes more comfortable to train, because now they know that the money is sometimes limited and can't be spent every time they want.
Another way the holidays can be used to teach healthy spending habits is by setting a monthly allowance. The perfect way to test this theory is by holding a family gift-giving party with a small budget. Be sure to choose a reasonable amount based on your child’s age and refrain from giving additional money before the month ends. This will make them think twice before wasting their money, and eventually, they'll learn how to budget more wisely.
Now, the giving part! Holidays are a time for giving, and unfortunately, some people don't have the money to fulfill their basic necessities. Thus, it is essential to teach children the value of “giving” from a young age. This will help to keep them humble and become a caring person. One way to accomplish this task is by collecting unused household items, toys, or can goods and creating goodie bags for those less fortunate. By doing this, you are teaching your kids financial principles, while lending aid to those who need it most.
As the great Picasso once stated, "The meaning of life is to find your gift. The purpose of life is to give it away."
By: Brand Contributor
Getting Grown, LLC
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