What Are You Teaching Your Kids About Money? (Some Do's & Don'ts) by Ken Honda
As kids get older, their interest in earning money so they can purchase things they like increases. But with so many opinions, emotions and taboos in the world when it comes to money, how can we ensure we’re teaching children good money habits?
- DO demonstrate how to be part of the “happy money” flow. All money given or received with joy and happiness is happy money. Kids can bring more happy money into their lives by, for example, doing their chores joyfully to earn their allowance.
- DON’T give money to your child begrudgingly or with frustration, anger or resentment. That is the opposite of happy money!
- DO show by example how to be a #givefluencer. Demonstrate acts of giving and encourage your kids to put aside a small amount of their allowance (like a dollar) each week to give to a charity or cause they really like.
- DON’T tell children saving is more important than giving. Instead teach them how to give responsibly in amounts that don’t tax them once they are sure their needs are met.
- DO teach kids to be generous, and that sharing your blessings doesn't lessen them. In fact, sharing gives you more!
- DON’T focus too much on consumerism and accidentally teach children that having more than everyone else makes you better.
- DO say thank you out loud every time you spend or receive money, and teach your children to do the same.
- DON’T spend money without acknowledging what you have, and the privilege you have to do so.
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