When was the last time you spoke to your kids about money and budgeting? Some parents never have financial discussions around the children. This is understandable, especially when children are very young. But as children become older, it’s important to discuss the value of a dollar and teach budgeting skills. Granted, young kids and teenagers don’t have bills or expenses. Whether you’re showing kids how to look for boostmobile.com coupons or shop sales, there are several money lessons you can pass to your offspring.
1. Comparison shop. Teach your kids the importance of shopping around to find the best deals and the lowest prices. For example, if you’re buying an electronic device, don’t purchase from the first store you visit. Visit multiple retailers, and then compare these prices with online prices. Additionally, shop when you’re able to take an additional percentage off your purchase. If buying a cell phone, wait until you have boostmobile.com promo codes to use.
2. Don’t let your child spend all his/her money. Children don’t think about saving or budgeting. If you give your child $5, this money will burn a hole in his pocket. As the parent, it’s your responsibility to teach the importance of saving. It’s okay for them to indulge themselves and spend their money on non-essentials, but encourage your child to put a percentage of his allowance in a piggy bank.
3. Use credit wisely. If you frequently shop with a credit card, there’s a chance you might overspend. Be aware that children are very observant and they mimic the behaviors of their parents. If you want your children to make wise financial decisions, adopt smart credit and money habits yourself. Don’t rely solely on cash. Adopt a cash-only system and only spend what you can afford.
4. Don’t bail them out. As a parent, you may feel tempted to rescue your child if he overspends and doesn’t have enough money for his personal activities. Fight this urge. If you constantly give your child extra money, he’ll never learn the importance of budgeting and saving. Stick to a specific allowance schedule, and if your child spends his money quickly, don’t give him extra cash.
In a world filled with materialism and instant gratification, teaching money lessons to children can be challenging. Understand, however, that you can succeed. Set the example, be firm, and your children will learn how to respect and use money.
Disclosure: Consideration was received for this publication.