Given the importance of money management and money-saving, your kids should learn some important financial habits.
Your kids always look up to you, so you’re responsible for teaching them money saving habits. This should be taught to them as early as possible so they can carry it with them when they become adults.
Let’s look into 5 money saving habits your kids should learn from you.
1. Difference between want and need
One major money saving habit your kids should learn is to differentiate between a want and a need. From their childhood, you should practice an approach of saying ‘no’ to certain things and saying ‘yes’ to certain things.
If your kid’s demand is not a necessity, then say ‘no’ to it, educate him about this, but fulfill his every need. This way your kid would develop a habit of differentiating between a want and a need. It’s your job to ensure they know those things.
In the longer run, this would help them in saving a lot of money.
2. Track and review finances
Like every organization, firm, or government institution keep track of their expenses, your kids should also learn to track their expenses. You should help them learn this habit by adopting this habit yourself.
Keeping a track of finances couldn’t help alone until you don’t review them at the end of each month. Upon reviewing your finances, you would find out a few of the expenses that could have been avoided easily like buying a bottle of water or grabbing a sandwich from an eatery. This money saving habit would help your kid a lot in saving money.
If you want to learn money handling the right way, either read books, take-up courses or seminar, or enter into coaching program. The course you should take should explicitly designed for working moms who need to learn handling their finances efficiently.
3. Be thrifty and sticking to planned expenses
Companies often find it hard to acquire new clients so they are bound to provide the best services & deals to existing clients. You should adopt this habit of reviewing your monthly billing statements and finding out better options.
It takes only a little effort to make a call to your service provider and ask them for their best deal. This tactic generally works because companies often find it better to lose a few bucks instead of a client. Practice this tactic in front of your kids and help them learn this one of the most important money saving hacks.
4. Practice energy-saving habits at home
This is probably one of the most emphasized money saving hacks or habits that work. It is very common to walk out of a room without turning off the light, fan, or AC. If this becomes a habit, you could suffer from huge energy bills. Make sure to turn off the lights, fan, or any appliances that are not in use.
You should help your kids to learn this habit because it would help them save money in the future. Tell them the importance of these activities. Ask them if they have other suggestions on how to save from energy or how they can save money. You will be surprised with their answers.
5. Practical and everyday money management
Money or Finance management is a complete knowledge of efficiently managing your finances. This is not a money saving hack or habit but it leads you to countless money saving habits and strategies. It is often a neglected topic but a significant potential lays in it.
Learn finance management and teach it to your kid as well to help them save a huge amount of money. You can teach it to them as early as possible but most especially when they reach the stage when they have their allowances already.
As a working mom, you need a comprehensive and concise course that could help you learn money handling. It’s hard to learn from experience, it’s very costly. Learning from someone else’s experience is a great way to start learning finance handling and eventually pass it on to your children.
My Takeaways
- The earlier your children realize and learn the importance of having a proper money management, the better. Remember, it is difficult to correct someone when they are adults already. 🙂
- Practice proper money handling with them. Bring your kids to grocery stores and teach them how to strictly sticking to the planned purchases.
- First place of learning for kids should be at home. Mommies, like us, therefore have the responsibilities to properly educate our children with money best practices. If we wanted them to be responsible adults in the future, then we also need to invest on ourselves to learn these.
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