Last Updated on: 23rd March 2024, 10:36 pm
Now dads, let’s talk turkey. We’re all fully aware of those puppy-dog eyes our children give us as they’re pleading for the latest toy they’ve seen on YouTube. I’m sure there are many dads that have been there and done that, and now have the super amazing toy under the bed gathering dust. But here’s the thing, what if you could turn these toy-lusting gazes into financially responsible adults? Yeah I’m serious – without looking like a tightwad and locking your wallet in a vault.
Now, let me make it clear I’m no financial advisor (disclaimer: for serious financial advice, consult a professional, not some dude on the internet). What I have learnt through trial and error is how to teach kids the value of money.
The thing about kids is they are financial sponges. They soak up everything they see and hear. So, the first step is to be a good financial role model yourself. Talk openly about budgeting, saving for goals, and even the occasional treat.
Now, let’s get tactical. Here are my dad-approved tips in the fight for financial literacy:
The Allowance or Pocket Money – This is where it all starts. An allowance begins to teach kids the value of money. Give your kid an age appropriate task and reward them with a monetary incentive. Emptied the dishwasher? Boom. A little bit of pocket money. You don’t need to give them a lot but this gives them experience in handling actual cash.
The Needs vs. Wants War – Every trip to the shops will be a battleground. Those hard earned pennies are now burning a hole in your kids pockets and need to be spent, so what now? You could resort to the “no because I said so method” but we know that doesn’t work, right? We need to turn this into a continual positive learning experience. Reminding them the difference between needs (food and clothes) and wants (that new toy they’ve seen!).
The Savings Jar Showdown – Remember those piggybanks? Upgrade to a clear see through jar and label it something such as “Saving for Games” or “New Bike Savings Jar” anything that your child wants to save for. Using a clear jar ensures everytime your child walks past it they’ll see the money they save which will increase the more they put in it. Using this method helps them to see what happens when they don’t blow that cash as soon as they get it. Each time they make the choice to add to the savings jar rather is a small victory in helping your child understand the value of money.
The Real-World Retail Rumble: Dads, this is where things can get interesting. Take your little financial warriors on a shopping trip with a budget. Allow them to pick what they want, but the added challenge of staying within their means. This can help them aquiring some vital life lessons which will come in useful into adulthood. They can learn about comparing prices, prioritising needs, and the occasional heartbreak of realising they can’t afford everything.
This whole financial responsibility thing isn’t about turning your kid into a mini-Scrooge. Its about empowering them to make smart choices, understand the value of money, and maybe, just maybe prevent them from inheriting your credit card habits (no judgement here, but lets break the cycle). So, put on your dad hat, grab your metaphorical piggy bank, and get ready to raise some financially responsible future adults! Just remember there might be a few detours along the way involving some light-up shoes or the latest toy you know they’ll play with for ten minutes, but thats part of the fun right? Remain consistant and you’ll be teaching your kid the skills they’ll carry with them for life.