What Really Matters
Parents often contemplate what they should leave behind for their children. While financial security is important, it is equally crucial to consider what we impart to them in terms of good money habits.
The adage holds true:
What truly matters is not what we pass down to our children, but rather what we instill within them.
By fostering a united family culture centered around responsible financial habits and behavior, parents can cultivate stability and establish a robust foundation for sustained and thriving success for generations to come.
In this blog, we will delve into the significance of teaching children about responsible financial behavior, equipping them with invaluable money habits and personal finance skills for a stable, secure, and prosperous future.
4 Starting Teaching Tips Parents Can Use to Get Their Kids Money Smart
Lead by Example
Children learn in a variety of ways including through observation, so it is advantageous for parents to demonstrate responsible money management. By showcasing healthy financial habits, such as saving, budgeting, and avoiding excessive debt, we provide a strong foundation for our children to emulate.
Do not strive to be perfect. Strive to give your best effort. Take small, even tiny, steps daily. And, whether you are able to lead by example or not, at a minimum, make certain you share with kids as frequently as possible simple, straightforward, time-tested personal finance messages that help them build a healthy relationship with money. Make a habit of saving money. Spend smart. Budget. Invest regularly. Pay yourself first. Have compound interest work for you, not against you.
For fun family learning, be certain to listen to the Sammy Rabbit money song titled Show My Family the Way. Its main theme is to lead by example.
Start Early. Start with Saving
Regardless of the age of your children, take charge of their basic financial education beginning today. If you do not, someone else will or already has, including advertisers.
It is never too early to start learning. And today is always the best day to start.
The early years are critical for instilling good money habits. Habits and attitudes form and get hardwired into our hearts and heads much earlier than many realize.
Introduce basic personal finance language and money concepts to your children as you determine appropriate.
We have written about this extensively, the single most critical money behavior a parent can teach a child is to get in the habit of saving.
Have a family and indvidual personal savings jars. Learning begins with language, sounds, and sight. Deposit into them regularly. Make sure all your kids, especially your babies and young ones see you putting money into the jar. Have them do the same. Be certain to shake it, so they hear the wonderful sound coins make when they jingle. Also have them hear you talk positively and joyfully about saving and the savings. Giving kids the opportunity to see the attitudes and feelings you associate with planning, preparing, and purposefully shaping the family's future is a super gift to give them.
To infuse added joy into the education process, listen to the Sammy Rabbit money song titled S-A-V-E. The hand-clapping, toe-tapping tune is infectious.
And, if you have not already, parents want to read these articles:
Money Lesson 1 Parents Should Teach Kids | Get in the habit of saving money
7 Reasons Why Saving Money is a Great Habit for Kids to Learn.
Foster an Earning and Entrepreneurial Spirit
Encouraging an earning and entrepreneurial mindset in children can empower them with valuable skills for financial success. It will help kids: (a) learn not to expect something for nothing; (b) identify their passions and interests and inspire them to explore ways to turn them into potential income streams.
Whether it's starting a lemonade stand, having a yard sale, establishing a small business, freelancing, or pursuing other creative endeavors, nurturing their earning and entrepreneurial spirit instills a sense of independence and financial resourcefulness. It also builds esteem, confidence, and a "can-do attitude."
The following Sammy Rabbit money songs are fantastic listens on the topic: Sammy Lemonade Stand and No Free Rides.
Spend Smart
In a world of instant gratification and hyper-consumerism, teaching children the value of mindful spending is crucial. Enough said... for now.
Listen to the following Sammy Rabbit money songs. They all encourage and educate smart spending habits: Don't Spend More Than You Make! / Make Your Choices Count / Budget / Sammy Money Song Lyrics - Wants and Needs.
Concluding Thoughts
While leaving a financial inheritance for children may be a desirable goal, it is what parents instill within them that really matters.
By teaching children responsible money habits and management, parents:
equip kids with invaluable skills that can positively impact their lives.
provide the family unit with the security, stability, and freedom to pursue their goals and dreams without the burden of financial stress.
strengthen the financial wellness, well-being, and prosperity of the family.
fortify family bonds!
Free Membership to Sammy's Money School
Let's get kids financially literate, their families, and communities too.
Sammy Rabbit's free membership program:
makes quality early-age, youth, and family financial education available immediately
gives access to anyone and everyone who wants to teach their kids money habits and principles that will help both children and families establish a solid foundation to achieve increased levels of financial stability throughout their lives.
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Recommended Reading
Money Lesson 2 Parents Should Teach Kids | Dream Big
Money Lesson 3 Parents Should Teach Kids | Set Goals - "Goals are Like Gold!"
Money Lesson 4 Parents Should Teach Kids | Nothing is Free
Money Lesson 5 Parents Should Teach Kids | Have a Plan