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Episode 9 – Money Matters for Young Minds: Guiding Your Kids to Financial Success

Teaching your kids how to manage money and create a positive financial mindset is crucial, especially to children under the age of 12.
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One important skill parents must teach their children is financial literacy. Teaching your kids how to manage money and create a positive financial mindset is crucial, especially to children under the age of 12. They are little sponges that absorb all the information that they can.

Instilling a positive attitude towards money during their formative years sets them on a path to financial success. This skill is often
neglected in schools and falls squarely on parents’ shoulders.

When my three boys were in school, I taught them financial responsibility. If they wanted something like a pack of Hot Wheels cars, and we didn’t have the budget for it at that moment, I explained that we could include it in our budget for the next week’s shopping trip.

The following week, I reminded them of our plan and how they had saved the money. This simple approach showed them that there’s a way to achieve what they want.

To make the lesson more visual, I created a chart with numbered squares for them. Completing chores allowed them to advance their soccer ball icon on the chart. Reaching certain squares earned
them pocket money, and they could spend it or save it for bigger purchases.

I also introduced the concept of value by explaining that some things require more effort to attain, just like giving up multiple squares for a more expensive item. This early lesson helps
kids understand the varying values of things and the effort needed to obtain them as they grow into adulthood.

Another visual exercise was having clear containers for coins. Even in a cashless world, visible savings in jars allowed kids to watch their money grow.

Teaching gratitude from a young age, appreciating what they have and donating to others, instilled the understanding that not everyone has equal resources. Wealth isn’t necessary for a fulfilling life.

Teaching delayed gratification is extremely important, waiting 24-28 hours before impulse purchases, teaches goal-setting skills. As they approach their teens, saving for bigger items becomes second nature.

These lessons aim to provide a better life for our children. Practicing these financial games sets them up for adulthood. For budgeting and financial assistance, please visit me over at jenrichardson.co, where we offer free tools and resources.

I hope that as parents, some of those little exercises and skill sets that you can use to teach your children. A really positive money
mindset is a great thing for you and your children and I hope some of those strategies help you decide how to turn money into a game so that your children live a really good financial life and live free from the stress and the worry of money.

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