How to Encourage Healthy Spending Habits in Your Children

In our increasingly materialistic world, we need to make sure that our children are growing up with realistic and healthy spending habits. We always want to make sure that our children will be able to support themselves and smart spending habits are an important life lesson. Here are some of the best ways you can encourage healthy spending habits in your children.

Monitor Their Influences

With access to media like never before, you can never know exactly what your children are seeing online. YouTube is incredibly popular and there are so many channels your kids could be viewing. However, the top YouTubers also earn a sickening amount of many. They often spend it on the best clothes and designer goods which they then flaunt in front of their cameras. 

If you are careful, your children might start wanting designer goods of their own simply because their favourite YouTube star has them. This is not a healthy attitude for them to have and it might take a lot of work on your part to get them to understand this. 

Encourage Saving

One of the best ways you can encourage healthy spending habits in your children is to encourage them to save up money for any items they do have their eye on. Imagine, for example, that despite your best efforts your child has decided to covet a pair of Gucci sneakers. These are obviously going to be incredibly expensive shoes. 

First, you can source the shoes with your child to ensure that they are getting a genuine pair from a reliable seller. SSENSE have plenty in stock by Gucci and they also have a fair price for genuine goods. This will let your child know how much they are going to cost. Together you will be able to come up with a savings plan to help them get what they really want, and they might even be motivated to pick up some extra chores or a job if it means they can save up faster.

Explore Alternatives

A brilliant way to instil good spending habits in your children is to look at alternatives you could use instead. Instead of teaching them that everything has to be bought new, take them to charity or vintage shops. This will teach them that you can find all sorts of great clothes in near-perfect condition even if they aren’t new. 

If you feel crafty, you could even teach them to knit. This is a great way to give them a fun hobby which could also give them something new to wear. 

Even if your children have a taste for the finer things in life, you can still teach them that this is alright. All you need to do is make sure that they understand that such things need to be earned instead of being given to you. If you can instil good spending habits in your children, they are likely to remember them their entire life. Whether it is a small lesson here and there or a trip out for a purpose, teaching your children good spending habits takes many forms.