We’ve all heard some variation of it, “money doesn’t grow on trees;” so much so it’s become a battle cry for parents across the world to rely on. And with good reason.
As we get older, we learn money does not only go faster than it arrives; but we also learn how naïve we were to this entire concept when we were younger.
Thus, it’s imperative that future generations of children continue to be taught the value of a dollar; how to make it — but more importantly — how to manage it.
Today, the world is literally at our fingertips. Kids of the social media age are being coerced into thinking that instant gratification is, and should be the only way of life.
No matter how much pain it may cause, we must instill in our children a semblance of the “real life;” not just hand it to them without explaining what it’s all about.
This process can start at the very beginning; teach children appreciation. The other kid at school may have the brand-new toy, but that doesn’t mean we have to drop what we have to make what’s theirs ours.
And this doesn’t mean we never get that exact toy, either; it just means they can wait, and come to appreciate earning – not just taking and receiving without learning.
Here, we are not playing into this new, so-called societal belief of instant gratification; we are teaching the youth to be content with what’s been given, what’s within reach, and what can be gained through goal setting.
When they (kids) finally receive something in exchange for their effort, there is a newfound appreciation that no other scenario can replicate. As you see, it’s because this ran deeper than the tangible item itself.
As children grow, parents may choose to work chores and allowances into the regular-day fold. This should not be thought of as a staple of a bygone era, but rather proceed as a responsibility-fostering system that teaches kids about contributing their part to the functionality of the household.
Even with technological advancements, and the advent of the polarizing “iPad babysitter,” this doesn’t mean kids should be sheltered from the reality that they are part of something bigger than themselves. They should instead be encouraged to participate in it, in exchange for whatever the coveted toy may be for them – which, as indicated earlier, is more appreciated when hard work was part of the journey.
It’s not a stretch, it’s evident; teaching kids these tools, in turn, rewards them with job readiness that’s best learned early on, instead of later on. Whether it’s walking your age-appropriate child door to door with inquiries to cut a neighbor’s grass, shoveling snow, walking dogs and so forth – the “show by doing, learn by example” strategy can’t help but resonate by the time they begin building their own funds.
As parents, as mentors with a loving stake in their success, our lives may have just gotten a little more complex, at this point; but it’s better than the alternative. They can’t be babies forever…
Sure, technology may have its downfalls, too; however, it can be a beautiful resource when utilized for the right reasons.
For instance, apps like “EveryDollar” can help teach kids how to budget. How often do you hear a twentysomething, or adults of all ages, for that matter, look back on their formative years and wish they had been made to take a course or two on a topic as important as this?
Since kids are on their phones all the time anyway, what better way to earn their trust and enlighten their worlds than by lending them a tool that keeps their phone in their hands?
Maintaining a record of every dollar made, every dollar spent, and where every dollar is going isn’t rocket science – it’s the key to helping kids recognize money is much more than a piece of green paper, or a digitized paper trail for Mom to yell at us about; it’s everything.
No matter how small their income may be, teaching them to live frugally will insure they won’t be as quick to burn it all blindly as they would have been, had you not sat them down and communicated how serious “saving” really is in the grand scheme of things.
A good old-fashioned, regular bank account will do the trick – albeit, when they’re at that age; and you’ll know it when it arrives. Until then, provide your child with the opportunity to walk into a brick and mortar, sit down with an actual person, and learn how the entire process works. Don’t just do it all for them, because everyone will regret this years down the line.
Teach them deposits, cash transactions, checkwriting (yes, we still use those), balancing, withdrawals, online banking, etcetera. This isn’t just about money management; it’s about life advancement.
Sit with your child. The older they get, maybe sit with them and talk about finances, once a week or so to start – guide them, teach them, and do not do it for them.
Though there are many things you still can control, ultimately, the best learning – as you remember from your own youth – will be done through them making their own mistakes anyway. If you see it several moves ahead, so long as it’s not dire, let them make it. That way, they won’t make a worse one when it matters most.
You can lead the horse to water, but you can’t make it drink; and if we don’t give our children the tools they need to succeed, then we stunt their ability to problem-solve, evolve, and think.
