10 Effective Ways To Build Good Money Habits

The tips and ideas below will cover a wide range of financial topics for just about every age and stage. I hope they’ll help you discover new ways to teach your kids about money.

1. Model Good Money Habits

Show your kids how you save, spend, invest, track, budget, and so on. Talk openly and often about your finances, using the ideas in this post as starting points.

2. Teach Your Kids How To Save

Young kids might enjoy starting with a classic ceramic piggy bank. It’s fun for them to drop coins in the slot, hear the sound of the coins dropping in, then pick up the piggy bank to feel how full it’s getting.

3. Teach Your Kids the Basics of Investing

Kids can start learning the basics of investing from a surprisingly young age.

4. Help Your Kids Start Investing

Eventually, your kids will be old enough to manage their investments. But you don’t have to wait until then to put their money to work. You can get them started with an investment account much earlier—perhaps as soon as they have some extra birthday or holiday money.

5. Go Shopping Together

One of the best ways to do that is to take them shopping with you. You can then weave in financial literacy lessons by showing them how you spend less on the things you need to buy. Here are some ideas: - Take Advantage of Discounts - Pay Attention to Unit Prices - Compare Brands and Prices

6. Encourage Delayed Gratification

I firmly believe that being able to embrace delayed gratification is foundational to becoming successful with money. Through delayed gratification, kids learn to: - Develop a long-term mindset. - Make money decisions thoughtfully. - Avoid impulse spending.

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