Can I increase my kids money management skills level if the level is too low?
Before we start discussing how you can measure your kids money management skills level and how to increase this level if it is too low, we really should define what kids money management skills are.
My definition of kids money management skills is to have an understanding of what money is and how it works. How is money saved, invested, donated and spent smart? How can you make your money work hard for you rather than working hard for your money?
Why is it important to have a positive wealth mentality rather than a scarcity mentality? What is the difference between buying things you want or things you need? Which buy has more importance?
As you can see, kids money management skills are many. A lot of time and patience has to be spent in order to first teach your kids money management skills and then increase these skills. Money, after all, is just a commodity we need to pay for goods and services. How we use this commodity – the good we do with it – is what makes money important.
Where do you begin?
Here’s a fun FREE quiz “How Money Savvy Is My Child” where your kids, by answering seven questions, will find out if they are a “wealth master,” “fairly money savvy,” “not quite money savvy yet” or “money savvy deficient.”
This is only the beginning of your kids money management skills journey. Now you can identify the level your child is at. You have a place to start off from. You know just how much, or how little, your child knows about money and about managing this money.
I’d like to add one more tidbit to our discussion of kids money management skills. Think about the ages of your children before expecting them to have the kids money management skills level you want them to have.
Young children don’t really understand what money is. All they know is that they want some to buy something they must have! You know how kids are! ;o)
Only in time, with plenty of repeated conversations about the value of money and how to save, invest, donate and spend it wisely – how to manage their money well – will your kids reach the kids money management skills level you want.
Never give up on your kids! Encourage them to appreciate money. Empower them with kids money management skills so that they can grow up into money savvy young adults.
Kids watch their parents like hawks. You are their role models. Your relationship with money has the biggest impact on your kids. So if you really want to increase their kids money management skills level, you must increase your own money management skills level.
Every time you spend your money, every time you decide to save your money, these decisions reflect on your children. Your unspoken actions have more impact on them than your spoken words. So be money savvy yourself and you’ll have money savvy kids!
Here’s to making your kids money management skills level SOOOO high that your kids are the first kids to have enough money to leave the nest and live on their own.
Cheers … Amanda van der Gulik … Excited Life Enthusiast! ;o)
P.S. Here are some more fun money management teaching tools I found on Amazon to help your children. Enjoy! ;o)
(Simply click on the photos, it will open up a new window, to take a “sneak peek” inside them!)