How To Teach Your Child To Make Good Choices

How To Teach Your Child To Make Good Choices

One of the biggest challenges faced as a parent is how can you teach kids to make the “right" choices. Often in our busy lives, it's easier to make good day-to-day decisions on their behalf, but there's a benefit to letting them make good choices—and sometimes, even not-so-great ones—on their own as well.

 

Whether it's choosing their clothes, packing their own lunch, or deciding what to do with their money, a little independence can give kids the chance to weigh their options and see how their choices play out.

 

Making good financial decisions is an important life skill, but it takes education and practice. Giving kids the reins lets them learn from minor slip-ups now, rather than make big money mistakes later in life. Not just that, it will help them develop that all-important "gut instinct," and feel empowered and motivated to do research to make wise choices.

Here's how to get started:

Be a good money role model

Kids may not realize all of the thinking and reasoning behind your everyday money decisions, so take the time to model good financial behaviors. For example, when you're at the supermarket, explain why you chose one item over another because it was on sale, or that you're not buying something this week because you expect the price to be lower next week. You could also have children sit with you when you pay bills or show them how you automate savings.

Start with small decisions

Even the youngest kids can start learning how to make good choices with money. Let them take $5 or $10 from their money into a store to decide what to buy. Will they get one bigger item or a few small things? They'll learn to be a lot less impulsive when it's their money versus yours.

Move on to deeper dollar discussions

As kids get older and start to get monetary gifts for birthdays and allowance from you, you can start having money conversations and put systems in place, such as how to separate funds into spend, save, and donate buckets.

 

You can use jars, envelopes, or even their own bank accounts. They can learn to feel proud about delaying gratification and saving up for something they really want, as well as experience the disappointment of purchasing something that doesn't turn out to be worth it.

Put lessons into practice with a debit card for kids

Learning how to manage their own financial account and navigate the world of digital transactions is important. And you don't have to wait until your child is 18 to get them their own debit card. Gohenry's debit card for kids is the perfect tool for helping parents guide kids toward financial independence. Think of it as training wheels for making good financial decisions.

 

 

Teach kids early to make smart money choices with GoHenry's debit card for kids and the fun, in-app education suite Money Missions.

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Written by GoHenry Published May 16, 2022 ● 3 min. read