So, before we get into this blog post, I want you to remember that there is no such thing as a perfect parent. I’m a parent myself and catch myself making little mistakes all the time.
You name it. I’ve done it. I’ve forgotten to sign permission slips, mixed up important dates, bought the wrong juice, the list goes on.
The point is, we all make mistakes, and we all have bad habits. The best thing we can do is recognize these habits and come up with a game plan to fix them.
In today’s article, we are going to chat about three poor money habits I see so many parents make.
If you’re guilty of any of these habits, there is no need to worry. It’s never too late to implement positive change. And I am here cheering you on!
Giving Kids Credit Cards Instead of Cash:
I get it. Credit cards are so easy! You don’t have to worry about counting change or carrying around a super bulky wallet. I can’t even tell you how many times I have dropped a dozen quarters on the ground. Picking them up is not fun.
The thing is, when you have a credit card, it’s super easy to accidentally overspend. I am guilty of this myself.
Here’s an example. Let’s say you give your child $30 cash a week to buy lunch at school.
They will have to do the math and count every penny to ensure they don’t go over budget.
Let’s do the math shall we…
$30 divided by 5 school days = $6 a day for lunch.
Now, if their favourite lunch item is $6.50, they will have to do the math and see if they can make that happen.
They will either have to pick cheaper items one or two days a week or prepare lunch at home.
Having the cash in front of them can make it much easier to budget as they can see what they have.
Now, if you gave them a credit card and the same budget, they can easily forget how much they’ve spent and how much is left over. Even the most organized people misplace receipts from time to time.
If they purchase their favourite $6.50 lunch item every day, that $30 a week budget will turn into $32.50 a week.
That may not sound like a lot right now. But every week adds up.
Having An Inconsistent Allowance Routine:
Children thrive on routine. So many young children don’t understand the value of a dollar. And that’s not a bad thing. Their brains are not fully developed yet, and they can’t quite grasp things their older siblings may.
Once you land on a weekly allowance plan, it’s super important to stick to it. This will prevent any surprises and arguments. Now, if your child does extra work, you can pay them for that. Just make sure they understand where the money is coming from and why they’ve earned it.
Fighting About Money:
Whether you realize it or not, everything you say and do, rubs off on your child in one way or another. You are their biggest role model, and it’s not uncommon for kids to mimic their parents. Hence the expression, “you sound like your mother.”
It’s very common for couples to have disagreements about money from time to time. And that’s not a bad thing. None of us are mind readers, and it’s important to be open and honest. However, sometimes certain conversations can turn into arguments.
If you and your partner are having a conversation about money and you catch yourself losing your temper, be sure to hit the pause button, take a deep breath and continue the conversation in a different room.
If your child overhears you and your partner arguing about money, it can stress them out and even make them feel like it’s their fault. It might even make them feel stressed about their allowance and/or savings.
Keeping your cool during an argument is much easier said than done. But it’ll be well worth it.
Final Thoughts:
As we stated earlier, if you are guilty of any of these habits, don’t be so hard on yourself. No one is perfect, and all bad habits can be broken! You just have to put the work in.
