Make Moves Mondays, 5 Tips On How To Teach Kids About Dinero!
Make Moves Monday’s!
Growing up in the hood you learn about money in the streets or if you live in a single parent household you learn quick with mom dukes, like when my mom would send me to the store with a booklet of food stamps. Yes, there’s no shame here. At a young age I learned the importance of having and saving money.
It always surprises me how school doesn’t teach the basic lessons of earning money and how to build credit. They teach you how to count it…but not the real importance of earning it. Growing up my mom always had a big water jug full of change and some bills. She had my sister and I count the change from time to time. It helped me in the long run. Thanks mom.
Check out our list of how to get your kids in the money game.
1. MAKE THEM EARN IT
When I say “Earn it” it doesn’t mean when they clean up their room or even take out the garbage, for me it sends the wrong message to kids. Paying kids to help around the house is a no no in my book. Doing chores is a part of life in our house. I’d rather have my son work hard for good grades, good test scores and good behavior. Listen,all kids aren’t going to be on the honor roll and that’s ok because everyone is different. My view is work hard and do your best and earn your reward.
2. LET THEM USE THE ATM
Ever since my son was 8 years old I’ve let him use the ATM when I needed to take out cash. I’ll let him stick the card in and do everything the ATM ask him to do. Now, everytime he gets any cash gifts, he reminds me he has to go to the bank and deposit “his” money lol. He feels all grown up, mind you he’s only 11yr old lol.
3. LET THEM PAY THE BILL, EVEN IF IT’S YOUR MONEY
This is one of my favorites. How many times do we take our kids to the grocery store? Each time, we pay the bill and grab our bags. I take this opportunity to teach my son how much food costs. Another opportunity is when you take your kids out to eat. The first time we did this was at The Original House of Pancakes. If you’ve ever been to one you know they’re always packed. One time my wife surprised our son and asked him to go to the counter and pay the bill. At first he looked stunt like WHAT!? But then after a quick pep talk he got the courage to walk over and paid the bill. It seems so simple yet it involves communication and the ability for them to count their change.
4.KEEP IT ONE HUNDER WITH THEM
Hey, I didn’t come from a rich family with lots of cars or a big house, so I’m not ashamed to tell my son we don’t have it right now. Yes, we all would like to spoil our kids and get them things they ask for but we can’t always get what they want. This is the MOST IMPORTANT one from the 5. As a parent when times are rough it gives you a chance to teach your kids what they NEED vs What they WANT. A Need is something we get and A Want is something we can hold off and get later.
Lucky for my wife and I our son doesn’t follow the trend on the latest Jordan’s and fashion. He’s more of a “Fortnite” spender than anything else and even with that we have a lock on it. He can only spend $10 of V-Bucks a month and that’s pushing it.
Kids now a days are hip, try to always keep it as real as possible with them no matter your financial situation. They are already spoiled by having a Swaggerdad like you, that’s a big win in itself, don’t you forget it!
5.YOU ARE THEIR MAIN EXAMPLE
Yup you are, your kids look up to you for everything. So if you are financially irresponsible chances are they will be the same. You don’t want that. So, lead by example and teach them about money ASAP because it’s up to you to prepare them for the real world! No need to stop spoiling yourself, I know us parents work hard for that money and love to treat yourself with a gift here and there. You just need to make better choices when your kids are with you shopping. Remember you want to get things that you “NEED” vs what you “WANT”. Keep teaching them so they can get in the “HABIT” on what to spend their money on when they grow up and have their own money!
I didn’t have anyone teach me about the “Stock Market’ or “Real Estate” I wish someone did. My Dad wasn’t in the picture so I had to learn the hard way. Now, that I’m a father I’ll teach my son everything there is to know about money.
Remember Fathers, one day your son will follow your example, not your advice!!!
By Danny Reyes