While I was a single parent for many years, one of the many issues I faced while raising my son alone was how I dealt with money and how I balanced a tiny budget. But also, and just as important, I had to make sure my son learned the value of money at an early age.
I gave my son an allowance in exchange for chores from the age of 4 onwards. I brought him to the supermarket with me weekly as well as other shopping trips to show him how I spend the money we had. I educated him about bank accounts and credit cards, I opened a bank account for him and made him put half his birthday and Christmas monies there. I also got him educational videos from the library and I watched these videos with him. But the biggest challenge for us was that the kids he went to school with had the latest and most expensive toys and my son did not.
I did not want my son to feel that he was being deprived, so each week, after he’d have some money saved from doing his chores, we’d go to the toy store to see if there was a toy he wanted there and could afford to buy. At first, he’d buy any toy that took his fancy and so all his money would be gone. But eventually he learned that if he waited a few weeks and saved his allowance, he could eventually get the more expensive toy he really wanted. This took patience for both of us because there were a few tantrums that we had to endure before he accepted this reality. Also, I had to make sure I practiced what I preached - I could not spend money I did not have or use a credit card unless I could pay off the full amount at the end of the month.
Being single parent, although challenging, has helped me learn to be a better money manager and because I had so little, I was also forced to make sure my son was educated in this manner, too. I am very grateful that I was given this opportunity to learn to budget well and to gain the discipline and know-how to live within my means and pass this knowledge to my son at a very young age.
Do you have kids? It’s never too late to teach them valuable money lessons. Get them age-appropriate books and videos to watch, and make sure you read and watch these books and videos with them. Be open about how much you earn and your budget. Bring your kids along when you shop so that they realize how much things cost. If they have questions about money, answer them honestly and if you don’t have the answer, you guys can do some research together. Show them how you balance you cheque book. Give them an allowance but make sure they work for it. If they don’t work, they don’t get paid. Encourage them to open a bank account and to save some cash on a regular basis.
The above are just a few suggestions I can give you about how to teach your kids about money. But the best way for them to learn is by how you deal with your own money. Make sure you set a good example. It will help them live better, healthier money lives in the future.
