Parents have so much going on. Focused on ensuring kids eat their veggies, go to school, complete homework, get enough sleep, have permission slips filled out, make it to practice, and the list goes on. Financial education is not always at the top of our “To-Do” list, however, incorporating financial literacy into daily life doesn’t have to be an added chore. Here are some ways to combine financial education with other key lessons for kids.
Every parent aims to teach their child how to be patient. Financial literacy can help more than you might think. Saving money teaches kids patience as they have to wait and save before they go out to buy that exciting new toy or game.
2. Teaching kindness
Raising conscientious children is a goal for parents across the country. In response, many parents focus on teaching their children how to be kind, compassionate, and giving. Encouraging kids to set aside a portion of their allowance for charitable causes reinforces this idea using financial education.
3. Making wise choices
Making wise choices with friends is just as important as making wise decisions with money. Teach kids how to make smart choices with their money early. It’s better for your child to make a $50 mistake now with a kid's debit card, rather than a $5,000 mistake with a credit card down the road.
4. Eating healthy
You can encourage kids to eat healthy with money, too. Get kids involved in the grocery budget at home. Use meal planning to introduce money ideas and talk about healthy food, avoiding waste, and cooking at home.
5. Learning in school
We teach math and reading, but kids also use money skills in their everyday lives no matter what career. Consider adding financial literacy to your list of important subjects.
6. Building life skills
Beyond an academic education, basic life skills like cooking, laundry, and car maintenance require an understanding of money management. From the costs of food to budgeting for gas.
7. Sports and exercise
We all know kids need to exercise to stay healthy and burn energy. Whether they are taking a class or pursuing competitive sports or dance, it requires a commitment. They also come with a list of expenses from equipment to travel costs. Another opportunity to incorporate money lessons into their day-to-day lives.
Just like with exercise, resiliency is a muscle we develop through experience. We practice, make mistakes and keep going. Whether learning a new skill, learning about money, or working hard in school, we want to reinforce the attitude of not giving up.
9. Personal accountability
Responsibility is another constant lesson parents teach. Letting kids earn and use their own money can help. Being accountable for their money or kids debit card can give kids a greater sense of responsibility for what they buy and own.
10. Management and entrepreneurship
Financial education is a must for any future career. Kids can practice their management skills by planning a budget, saving toward future goals, and even starting their own business.