Kids usually inherit parents’ money habits. Then, why not pass on our positive money traits like planning and budgeting than your negative money behaviors like impulse shopping? In fact, relationship with money as adults mostly depends on experience with money during the upbringing. So, ensure that your sons learn 3 basic money lessons while they grow up!
1. Money Is Something We Have To Work For: This simple, yet basic life lesson has to be learned early on in life. Help kids learn it by offering them allowances for allotted tasks. Expose them to money-making opportunities and help develop a healthy work ethic. They will eventually get an understanding on how much is available for spending and how much for saving.
2. Planning Should Always Be A Part Of Life: Planning and budgeting always come with boundaries. Planning for extravagant summer vacations in the name of quality time with family or upgrading your car periodically, may send wrong money spending messages to your growing son. Because, you are actually sending messages ‘like living large is more important than spending responsibly’, which is not a healthy behavior. It is important that kids learn to plan and spend as per the budget. Also, they should understand that credit cards are mini loans and not free money.
3. Money Never Equals Self Worth: Self-worth or self-esteem should never be built around money. Let your son understand this life’s most important lesson through assigned tasks that come with this underlying message. For example, pay them money for finishing chores or for putting efforts to get a good grade.,But paying for their good behavior with siblings or friends may signal that ‘money is associated with the child worth’.
In conclusion, as parents, try imparting good money habits to your sons from an early age. Help them learn how best to use or deal with money by overcoming impulse money spending habits. This early knowledge and right attitude towards currency can help them value money as well as maintain the values they need to in life!