Us parents are full-time teachers, providing guidance for everything, from how to tie a shoe to how to cook a proper KD lunch (nostalgia, am I right?). There\u2019s nothing more difficult, yet rewarding, than figuring out how to properly prepare our kids for the future. Teaching them how to save is a HUGE part of this because, after all, the habits that we instill early on will be the ones that they carry with them the rest of their lives. With back to school and the beginning of fall, I\u2019m sharing some of the practices that I have adopted over the years with Avrie and Nate, and I\u2019m happy to say that the kids have a great mindset around money.<\/p>\n
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With this, it\u2019s very important that you tailor the conversation to their age, engagement level and general interest in money and saving. If it\u2019s not something that is resonating with them, I find that it always helps to draw connections back to their interests and what they\u2019re passionate about. If they love dinosaurs, explain how the return on investments in the future can yield more Triceratops (without the jargon, of course)! If something is talked about positively in their day-to-day life, children can gain the necessary knowledge without feeling any kind of pressure. We want it to feel like anything else we\u2019re teaching our kids. Don\u2019t forget, there\u2019s a reason kids are so great at picking up languages, activities, and concepts at an early age – they learn quickly.<\/p>\n
Show your children that saving a percentage of their money allows them to have funds available for a rainy day, or for a prized possession that they really want to invest in. For example, think about when you were a kid and you\u2019d put your tooth fairy money in a piggy bank to save for later. It was always an amazing feeling opening the piggy bank 4, 8 or 12 months down the line to find that your bills and coins had increased over time! Regular contributions every time they get an allowance, when they babysit, monetary gifts from family and tooth fairy rewards can be added to \u201cthe bank\u201d until you decide that it\u2019s time to reap the benefits.<\/p>\n
My kids love learning about compound interest. I already talked about it above, but it looks like magic when their bank account grows, and they acquire more funds as time goes on. I think it\u2019s extremely valuable to make time to show them the results and to celebrate the growth. Investing requires patience, and while we want to make it seem in reach for our children, it\u2019s hard work. Let\u2019s employ the same rules for our children as we do for ourselves – once they have invested X amount of dollars, celebrate that achievement with something else that they love. If it\u2019s an ice cream cone, let them pay with their own money. They will feel so accomplished!<\/p>\n
Figuring out how to make investing fun isn\u2019t as hard as it may seem. Going back to the idea that saving should be a regular part of their everyday life (even if it\u2019s just a discussion), sharing your own financial wins and goals can be hugely beneficial. After all, your kids look up to you – lead by example! Getting excited about a new promotion at work or showing them how you spend and save can make a huge impact on how they view finances.<\/p>\n
I also recommend including your kids in your family decisions like where to spend a Saturday or where to get takeout from. These seemingly small choices and habits help to give your children a sense of independence, which will do wonders for their financial confidence. When appropriate, it helps to share the cost of objects or experiences with kids, so they can understand the value of money and learn to appreciate what things cost.<\/p>\n
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As you know, I so often talk about financial confidence, the value of investing, the money mindset and balance, and this is exactly what I try to inspire in my kids. I hope that these ideas have helped you if you\u2019re navigating these kinds of conversations with your own children, and of course, shift and adjust these points as needed to suit your lifestyle and values. These are just some of the many things that I have learned in my years of parenting! It\u2019s a journey, and we\u2019re all in it together. \ud83d\udc9c<\/p>\n","protected":false},"excerpt":{"rendered":"
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