Initiating the little ones in the education of savings and the family economy has many benefits. It is important that, from a young age, they know the sense of responsibility, savings and the value of what things cost. This will develop in them a sense of responsibility and they will learn to navigate the economy (even at the home level). It will be a first approach to a financial education that will undoubtedly help them in their adulthood.
As parents, we want the best for our little ones. We try to pass on all the knowledge that can help them develop and grow correctly and, even more, serve them when they are adults. We continually care about teaching them habits of hygiene, eating, healthy life, etc.
And we must also teach them habits of the economic part of life. Because if. From before, even after being born, money is always present in our lives. The baby’s clothes, his room, his toys, his food and hygiene products… Everything is bought with money.
Thus, the little ones are born immersed in a world in which money governs almost everything. They go to see their parents shopping practically every day. That is why we must start a “financial education” from an early age. And the best way to do it (I would even risk saying that, at these ages, it is the only one) is by leading by example, which is also the best way to teach our children. Through our example they will learn values, habits, etc., which they will put into practice for the rest of their lives.
Make your little ones participate in family finances. Talk to them about the value of money in our society and the effort it takes to earn it. Use a lot of patience if they insist that you spend on whims that you do not want to give or cannot. Let them make small spending decisions that need to be made at home that concern them directly. Advise them to manage their money (that of birthday gifts, Christmas, some small pay …) and spend it on useful things. It is important that you make decisions about your money, always taking into account your age and maturity. Little by little, they will acquire notions of home economics. They will learn that having a little “money” kept in the piggy bank is better than spending it on whims that we forget in no time.