One Surefire Way To Teach Your Children About Saving and Spending
My children are very different from one another. My oldest daughter loves to shop and spend money, while my younger daughter is a saver. In fact, she’s three years younger than her sister and has managed to save three times the amount of money.
They always prefer to spend someone else’s money. For some reason, it’s easier for them (Sarcasm intended). They’re all for buying something as long as mom and dad are paying for it.
As parents it’s important for us to teach our children how to manage money well. If we don’t do this now; they’ll still be on our payroll later. I really don’t want to be their source for the rest of their lives.
The best way that we’ve taught our children about and saving and spending is by letting them have some skin in the game.
In other words, we let them work for money and if they want something we let them save for it, so they can purchase it. Don’t get me wrong, we still buy things for our children, but we don’t do everything for them.
Last year my daughter wanted an electric scooter and we told her that we would pay for part of it and she could pay for the other part of it. She thought this was a great idea, but when it came time to buy one she realized how much it would cost her. She quickly decided it wasn’t something she wanted to invest in. She would rather save her money for something more valuable later.
Ever since this time she has been more wise in her decisions regarding money. She’s learning the difference between needs and wants. Her wants aren’t a bad thing, but she’s learning the benefits to delayed gratification.
Question: How do you teach your children how to manage money?
I'm a pastor, writer and serial encourager. I like to help people to grow in their relationship with God. I live outside of Atlanta, GA. I've written a book, Stubborn Faith: 30 Day Devotional Guide For New Growth. It's available for download on Amazon. Feel free to follow me on Twitter at @ericspeir