5 Real Ways To Teach Your Kids How to be Smart with Money
Teach your kids to be smart with money starting today! You don’t need to teach them every single detail of budgeting, but therearemany ways to show your kids how to spend money wisely. This will set them up for future success. Urban Transit™ believes in making smart decisions, and this is a smart one for your kids. Read below how, and thank us later!
1. Needs vs Wants
Learning how to spend money on the right items is a skill that even adults struggle with. You can start teaching them this skill while doing your weekly chores and activities.
Next time you go shopping, bring the kids and point out to them what you are buying because you want it, and what you’re buying because you need it. It’s a simple and efficient way to incorporate your lesson into their day-to-day routine. After a few trips to the store, start asking them what is a want or a need.
Extra shoes? Want. Paper-towels? Need.
2. Make grocery shopping lists with them
Make a shopping list the fun way. Tell the kids that you are going to the store and ask them to help you make the list. Have them name things they feel are necessary for the week. The key here will be explaining how instead of three different kinds of cereals, they should only pick one, for example.
Of course, you will probably need to make the necessary adjustments as kids only know so much about a shopping list, but the process of this will help them learn!
3. Teach them the value of an item
When you buy something, compare the item’s cost to different stores. Break this down in a simple way for them–even get some crayons involved. Have them write out the different prices and ask them which prices are more expensive than others.
Associating the lesson with crayons and crafts will help them stay interested and remember the lesson better!
4. Remind them to be grateful for what they have
Knowing how to be smart with money also has to do with being appreciative! Whether it’s a spontaneous gift from you or a Christmas gift from an aunt, always make sure that they say thank you. They will have great manners and it will teach a good skill!
5. Make it fun
Get each of your kids their own piggy banks. This will show them that saving money can be fun! And, when it comes time to buy something, they will have a blast shaking all of the change out of their banks.
Plus, they’ll learn the value of each coin and bill as they count up their savings!
Take it from the Urban Transit team: learning new skills takes time. So be patient with this! Don’t pressure your kids to learn all of this all at once. And, make sure to keep it simple and fun to keep them interested! Budgeting as an adult is often a task that only a few people look forward to, if that! By teaching skills now and then to your kids, they will eventually learn it all over time. As they get older, they will understand the value of money well and appreciate that you taught them so young!
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Stay tuned for more blogs in this series! You’ll get a sneak peek into who we are and what we believe in. And, you’ll learn more pro tips on how to be successful from employees in those roles themselves.