Children & Money
Two topics that can leave us feeling lost sometimes, I know.
As a parent I want my son to be kind and compassionate but I also want him to be smart with his money, even at a young age. It's never too early to try and implement patterns of saving and investing so they can over time learn to be consistent. Tips on how to do so are below.
As a child/young adult, I personally was never taught certain ideas around money and how to properly save, spend, invest, or even unique ways to give back.
When I discover there is another world involving something I was never taught but have an interest in, I want to learn more so I research information, mainly through books!
A book I have learned a lot from recently is called: The Opposite of Spoiled, By: Ron Lieber
I want to share the premise of this book with you. It talks about how to "raise kids who are grounded, generous, and smart about money" and isn't that what we all want for our kiddos? I know I do!
If I can instill these values from this book within my son. I will feel as though I have succeeded with him being able to handle himself and care for himself in life without any outside help from me or anyone else. That's is my ultimate goal as his parent.
I want to share a few tips I have learned while reading this book -- see the list below and look into the book, it's very helpful with so many more ideas! (Note: This is Not Sponsored -- this is simply my honest impressions of a great read)
I absolutely LOVE these 3 ideas from the book:
1. Not paying an allowance for chores (everyone will still do chores because everyone lives in the home and should pull their weight in the household) expecting to be paid for pulling your weight in your home makes things a bit muddy.
Allowances are a separate situation, kids will get $0.50 per every year they are old. Example: If they are 10 - they get $5 every week. What they DO with the money is where the lesson is. Teaching them to care about their home environment without payment is a value you will instill, helping family members without strings attached is another and the BIGGEST lesson here is... If they want a special treat (soda at a restaurant, toy at a store, special backpack, etc) they can decide how important that item is by putting their own money towards it. If you will be buying toys and treats anyway then why not fund it through an allowance that teaches them to learn the value of a dollar.
2. NO Piggy Banks! Instead use a clear easy to access container that they can decorate themselves. Allowing them to easily see what they have and easily pull from it when they want to! It will also help for SAVINGS too because you don't have to shove any of it into a small hole one item at a time!
3. GIVING Back There are a lot of aspects to the book and in the title it says "Raising Kids Who Are Grounded, Generous, and Smart About Money" This is the generous part. I'm implementing the first two already and this is my next to get started with personally. When my son is old enough to understand this lesson, I will start by having him choose the amount of his allowance he would like to give back with. We will create giving bags, inside will be a Bottle of Water for our Texas heat, Protein Bars/easy to travel snacks, A hand written note... One child in the book added a Permanent Marker so those in need could write their signs. I will discuss ideas with my son and add in what we decide is appropriate. These will be easy little bags I can keep in the car and hand out when we see someone in need. Teaching compassion for others is the key here.
Again, If you want to learn more I highly recommend this book! There are so many more ideas for different age ranges and with different techniques to use.
I'm so grateful I found this book so early on in my journey as a mom. I have learned so much from it, opening my mind to other ways of thinking about long standing traditions around money!
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Happy Saving!
