5 Ways to Influence Your Child’s Money Saving Habits

child_piggybankWhen it comes to the economics of the family, there are a number of ways that parents can go about it. While parenting doesn’t come naturally to all, there is room for adoption of better practices. It’s possible to encourage children to make good choices in terms of saving money and buying things that actually matter.

Here are 5 ways parents can influence their child’s money saving habits
1. Conditioning
The first thing that parents can do is conditioning. Conditioning has been very aptly described in psychology as modifying behavior through a stimulus. In the case of children, parents can influence conditioning through a reward mediated behavior.
Whenever the child manages to make a good financial decision or follows advice regarding money matters, parents can go ahead and reward their behavior. This would have a positive effect in terms of them repeating this behavior.
2. Appropriate media
Another level of parental control that can be applied is exposure to appropriate media. There are a number of child based documentaries and features that can cause cognitive imprinting (influencing the child’s brain) that incite them to positive behavior.
Doing so can instill positive spending habits in the little one. For example, they can be made aware about the pros of saving money in both the long and short term.
3. Utilize their interests

Kids these days are more tech savvy, and this is something that parents can utilize. This can involve moms teaching themselves how to use computer based accessories for money saving records and budgeting.

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The internet is also a good resource that can be used by parents for staying up to date with the ever-changing habits of their child and their daily spending routine. Within this exposure, many indictors could be found that can be used for teachings kids against overspending.

4. Give them money saving options

Good money behaviors can also be induced if the parents set a precedent for their children. Moms should keep a check on the general habits of the children. Apart from giving them pocket money, they can also be taught about other money saving options like AutoAnything coupons.
This way, they get to learn about a wide array of options that can be used for saving apart from physical saving options. Moms can tell the kids what a specific number of coupon codes for AutoAnything will get in return.
5. Expose them visually
Parents can expose their children to literature and magazine articles that highlights money saving. They can start by putting a piggy bank in their rooms in order to visually imprint the concept of budgeting.

All of these options make up for a good strategy for inculcating economic habits into your kids.

By Samantha Peters for Healthy Moms Blog Magazine

Sam Peters is a blogger, freelance writer, casual genius and manager of theeducationupdate.com.

Sam Peters is a blogger, freelance writer, casual genius and manager of theeducationupdate.com. – See more at: https://healthymomsmagazine.net/2012/11/everyone-deserves-little-reward.html#sthash.ORHPbyNy.dpuf
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