5 healthy money habits for little ones

A few years ago, games of Monopoly with the gang and a discussion about the importance of saving money each month were enough to develop a financial quotient for little ones. Given the way the economic climate has evolved, things are no longer quite like that. Nowadays, children start to be guided by a series of practical financial advice from an early age. 

Trips to the grocery store, bank or ATM can be a perfect opportunity to have a discussion with the little ones about how money can be used effectively. It is the parents' responsibility to provide them with the information they need.

The best way to make children increasingly understand the value of money is for parents to talk to them about it naturally. Learning can be done more subtly and more through play at first, and as the child grows, much more concrete and through real situations where money is involved. 

Here are some ways you can teach your little ones healthy money habits that will last a lifetime.

Keep an eye on the piggy bank

Little ones love to collect things, whether it's toys or Lego pieces. A simple idea to visually stimulate their sense of real achievement would be to use a transparent jar instead of the classic opaque piggy bank. Thus, the children will continue to collect money to see how the piggy bank fills up.

Create a monthly budget 

The importance of creating and sticking to a budget can never be overstated. This habit can easily be introduced into the behavior of the little one at an early age. There are always things that the child wants from the toy store, and pocket money is a simple solution in this case. But the tricky part comes when they want more expensive toys that exceed their budget.

Save money with a purpose

Most of the time, saving money without a clear goal is doomed to failure. Thinking ahead is a vital part of money management and every child will be more motivated if they are helped by their parents to set some mini goals to meet each month. These small steps, based on their desires, will lead them to be more responsible in the future and save for a car, university or an apartment.

Keeping money 

As soon as they are of eligible age, open a bank account for them where they can save money for the future. On this occasion, explain to them the benefits of such an account as well as different financial terms such as overdraft or commission. Also, make sure they are involved in all the steps right from the start. For more responsibility, if they are old enough, you can give them their own bank card.

Control your impulses

Another secret to effective money management is learning self-control. This principle will be useful for the little ones when they grow up and want to shop under the effect of the tax of the moment, so bad for the bank balance. Behavior is learned from the first years of life, and the sooner children learn to postpone their cravings and respect money, the better they will be able to manage their finances when they become adults.