Most of us give our kids an allowance for doing chores and bringing home good grades. Take it a step further and require them to spend their own money when you are out with them instead of buying things for them. I guarantee there will be fewer demands for Chick Fil A and going to the mall 😊.
This approach forces kids to decide what is important to them and how best to spend their money. It teaches them how to spread out their spending versus spending all of their money at one time.
These days we are so bombarded with stuff! Advertisements create such a strong desire in people, especially kids. Therefore, we have to have some defense mechanisms in place so our children don’t grow up struggling with money management. What you can do is require your kids to save a portion of any money they receive. This puts them in the habit of saving. Over time they will be so used to saving money that they don’t even have to think about doing it. For ultimate success, once money hits your kids savings account, they have to forget about it. They have to treat it like it doesn’t exist so they don’t get tempted to use it.
The last tip I want to share is to allow your kids to see you giving to others. We often see people on the streets holding up signs asking for money. Give to those people regularly in the presence of your children.
Give cash at church so your kids can see the actual cash that you are giving to the church. Cash makes the giving more “real” to kids versus a check.
You can also include your children in giving to charities online. In fact, you can let your child be the one to enter all of the information required to submit an online financial gift. Sometimes you can interact with the person/people that you donate to such as by writing letters to a child that your family is supporting through your donation(s). That would be an awesome experience for your child!
Of course there are non-financial ways to give, but this post is specifically about financial giving so we will cover other ways to give in a different post.
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Until next time…