My children are getting to an age where I can really see their spending personalities. My daughter, 8, is a planner and already seems to have herself on a budget. She is already thinking about college! When tempted with goodies for sale she very easily walks away and doesn’t seem to think twice.
My son, 11, on the other hand, is super impulsive and totally reckless with money. He spends it on the first things he sees and thinks he wants or just loses it altogether. I honestly wonder where he came from sometimes! I am shocked by his spending habits because I’ve always taught him about value and how hard you have to work for your money.
I let him spend a good portion of his saved dough and was appalled when he came to me complaining that he needed more because he had already spent it all. He was not happy with my “fat chance” response. He suffered from buyers remorse on a few items but didn’t seem to really learn the lesson.
Teach Children about Money
I really believed that my children would learn from my example. Seeing me clip coupons, research my purchases in advance and save up for long term purchases should have prepared them for how to use their own money. Well, my daughter seems to have absorbed something, but my son needs to deposit a reality check in the savings account of his brain.
While exploring the Genworth Financial website, I ran across several helpful articles and actually learned a lot for myself. While I have been embracing teachable moments all along, I haven’t been letting my kids set their own goals. I can’t seem to help but put in my two cents. From now on, I will bite my tongue and let them have control over their financial plans. They’re still just children, so don’t worry, I won’t let them buy anything too outlandish!
Here’s the plan:
- Continue with small daily lessons like having them help make a budget and list for a trip to the grocery store
- Pick and follow a guide
- Talk about giving
- Let them earn an allowance
- Let them set their goals
I think letting them have more control over their money will make them very excited and hopefully eager to learn how to make it last longer!
Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network.