How to Teach Kids About Developing Good Money Habits?

Last Revised on March 7, 2008

Love Your Health Money Family & Relationship

You know when kids are young age, they can be easily molded – their thinking and habits, etc. But once they are older it becomes harder. So therefore, when your kids are young it is time to teach and develop good money habits – how to save and spend money:

Provide different streams of motivation: There is not a single motivation that can work all by itself. A good habit needs to be developed with multiple means and types of motivations which can include rewards, praise, education, positive examples and competition, journals, charts, journals, and their own bank accounts.

Help with self analysis: it might be little bit too deep for a kid, but slow and steadily if we can help them why they are doing what they are doing with their money. This is a type of skills that will not only help them live a healthy financial life, but also a good mental skills to succeed in different aspects of life.

Kids are just like us: They are not perfect and will make lots of mistakes even when they get old and reach the our age. So it is best to think if you were a kid, how you would like to be treated by your parents while developing a financial skills. One of the best tactic is to gently helping and encouraging them with not harsh criticizing.

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