As a caring parent, I’m sure you’ve done anything you could so far to raise a responsible, understanding, and thrifty child. We understand and gratitude your efforts, and that’s why here at YounGo Money, we’re doing our utmost to help you fill the voids in financial parenting.
Teaching your kids about the necessity of money-saving, money management, spending money wisely, etc., are great ways to prepare them for the future. As indicated previously, it works better when you start as soon as possible. Of course, you have to select your methods and information based on their age and understanding.
The financial skills we named above are vital but not enough! Alongside them, your children must understand the ethics and values of money and the feeling of empathy and you can simply use money for teaching empathy to your children,
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The Importance of Teaching Kids Money Ethics
When you instil the concept of money and morality into them, you’ll also open the doors of compassion.
The sense of empathy that comes after learning financial ethics can turn your children into attentive adults. That way, they’ll learn how to save their money for a better will. In addition, they will understand other people with different life circumstances, offer to help them, and play their role as responsible citizens.
Altogether, it improves children’s mental health and affects their future.
Now you may be wondering where to start and how to plant the seeds of financial ethics in them. But don’t sweat it! YounGo Money is here to walk you through #6 superb practices that form and change the money behaviour in your children.
Thankfulness
It may sound like your Yoga classes, but it works! When children learn how to be grateful for the things they already have, they won’t constantly ask you to buy them new toys, video games, and brand-new running shoes. Consider having a daily routine to be thankful for what you have. Share the things you are grateful for to give them an overview of this concept. TV commercials are one of the main reasons children and even adults feel they need to purchase the stuff they don’t even use. Limit their screen time and balance that desire with a sense of gratitude. Besides, dozens of books and movies are now available for children to help them throughout this process containing short stories that show people with different living circumstances and how they manage to make the most out of their lives.
Self-Control
I know it’s not easy as it sounds, but it’s not impossible. Naturally, you can’t teach a screaming child sitting on the mall’s floor and asking for a Spiderman costume about persistence! Take your time and discuss the relationship between hard work and product in various ways. You can employ examples related to school work and their grades. In order to learn how to wait for something they really need or avoid asking for impractical stuff, you need to teach them about self-control.
Socratic Method
It’s a magnificent way to draw out ideas and find underlying answers. It also can be one of the best techniques to make our children think and understand a subject on their own. This understanding is way deeper than any other learning method. Start by asking them specific questions to poke their sense of empathy, use questions like:
- Name the things that we have to pay for
- What do you think happens if we spend all of our money on a brand-new scooter?
- What happens if someone doesn’t have a job?
- How do homeless people live?
We strongly suggest you not change their answers or try to confuse them with your point of view. According to recent studies, children are capable of struggling with these grey areas in their minds and finding the best answer.
Work talk
Sharing your experiences give your children a real-life example. Talk about your goals and dreams and how your job helps you attain them. Describe the way your work benefits other people and enables you to make a living.
Use different tones and stories to make it fun and appealing for them.
Donation
Needless to say, donation is one of the most impactful ways to teach children how can their actions change others’ lives and improve their empathy. Take them to the charities they are passionate about and love the most. For instance, if your daughter loves dogs, take her to animal charities and make a donation, or tell your kids if they purchase something from a charity, their money will be well-spent.
Grocery shopping
Think about it as an adventure! Next time you need to go shopping, take your kids with you. Ask them if they know where certain products come from or if they are familiar with the long production process each one has. It can be a fun activity to make them understand the products they use don’t magically appear on market shelves.
Upcycling
Challenge your kids to design, re-design and craft what they’ve asked you to buy for them. Help them make their own accessories using their broken toys or turn their old clothes into fun Halloween costumes. You can even make it more interesting by asking them to have a fashion show for their re-designed outfits or a contest for their crafts. This activity gets them thinking about the value of money and companies and shows how precious their handmade products can be.
Our Final Words
Children can easily be shaped, that’s why it’s vital to try and blend their own way of thinking about the world with good behaviours. You can use money for teaching empathy and help them understand its value more.
