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Wondering how to give your children the best headstart in life when it comes to their finances?
According to psychologists at Purdue University, our money habits are set by age 7 - which means it's crucial to introduce our kids to money in a healthy way as early as possible!
The answer isn’t in throwing money at them hoping they’ll learn what to do with it, but by being actively involved in their financial education and teaching them good habits that will set them for life.
Keep reading for our top tips on how to raise money-mindful children:
1) Have a Positive Money Mindset
Mindset really is everything! Our children learn from us early on and mimic our behaviours and attitudes towards many things - including money. Aim to stay positive when discussing money in front of/directly to your kids and this will have a positive impact on your children's relationship with money later in life.
Does your money mindset need a boost? Check out our guide on How to Boost Your Money Confidence.
2) Start the Conversation
Don't shy away from talking about money with your kids and make a proactive effort to involve them in family financial decisions. Talk about money in a relatable way and let them know what is and isn't in the budget - for example, when doing the weekly food shop or picking out school supplies for the new term.
If you're unsure about what money concepts are best to teach your kids depending on their age, we released a 4-part series earlier this year on How to Talk to Kids and Teens about Money.
3) Introduce Them to Real Money
Giving your kids real money to manage has many benefits: as well as demonstrating your trust in your child to handle real money, you'll also provide them with the tools to learn invaluable financial independence that will come in handy by the time adulthood rolls around.
A great way to teach your kids financial independence is by providing them with an ImageNPay Digital Card - you can transfer money to your kid's cards as an allowance, set a spending limit for their card and even view transactions to make sure they're spending their money wisely.
4) Make Learning Fun
Make financial education fun by playing money games with your kids! Introducing your children to some classic money games, e.g. Monopoly, will engage your kids and help them get to grips with the basics of good money management early on in life.
Check out our handy graphic below for some ideas on both online and offline money games!
5) Open a Savings Account
Opening a savings account for your children is a great way to help them prepare for future costs in life - both expected and unexpected. Teaching your kids the importance of saving will them understand why a savings account is necessary and how picking the right bank account is equally important.
Check out this article from MoneySavingExpert for the best children's savings accounts available right now.
If you’re wanting to teach your kids the value of money and help them develop healthy money habits, the ImageNPay app could help.
With our latest features designed specifically with families in mind, you can add up to 3 separate cards for your kids to spend, request, and budget their pocket money.
Tap the link below to download ImageNPay Family today on the App Store or Google Play Store for FREE!
Credit to @moneyinmatrimony for these great suggestions.