In this day and age, it’s now more important than ever to teach your children about money. The ease of online shopping can be a slippery slope into financial debt. With this ease comes a lack of ownership and responsibility, especially when it comes to children. To them, it can feel like money comes out of thin air with each click of a purchase button.

Lessons on money for children are relevant no matter what age they are. If they don’t start learning and developing the healthy habits they need to be financially secure adults, it will become more and more difficult for them as they continue to age and develop irresponsible spending habits of their own. Before that happens, take the initiative now to make your children the savvy savers and spenders of tomorrow.

Get a J-O-B

One of the most important things you can ever teach your child is the importance of getting a job. They need to know that the money they spend and all the things they own come from having a job. To give your children a better idea, give them a list of chores to do and an allowance upon completion.

Of course, this won’t teach them everything they need to know about careers and what goes into them, but it does give them a better understanding of the fundamentals. Your children will be better at evaluating the value and worth of items and learn the principles of saving money for purchases that are not affordable at the time.

However, the fulfilling aspects of a having a career should be taught just as much as the money aspects. Let them know they don’t have to work at a job they hate just to make money. Life isn’t all about having a job that pays the most (although there are six-figure careers that don’t suck).

By exposing them to different industries, such as law enforcement, postal work, healthcare, and a plethora of others, you can show your child that they don’t need to settle for any old job. There’s a world of jobs for them to explore that will not only offer purpose and satisfaction, but also financial security.  

Shop Smart

No matter what grade your child is in, they can always learn a thing or two on how to shop smart. By teaching them now how to responsibly and wisely shop online, they’ll be all the more prepared when they are adults. Here are a few online savvy tips you can teach your child:

  • Follow Brands on Social Media: Certain brands will give you special discounts and promo codes if you follow them on social media. They sometimes give their followers an early heads up when sales will be taking place as well.
  • Shipping Savings: Check to see which online retailers offer free shipping. Some require a minimum purchase amount to ship for free. Also, by choosing the option to pick up your order at a physical store, you can save even more money.
  • Middle-of-the-Week Shopping: Many retailers offer online sales and discounts on Tuesday, Thursday, and Friday since most people shop at physical stores on the weekend. By checking online stores during the middle of the week, you can save big on your next order.
  • Apply for Rewards Programs: If a brand you shop regularly from offers a rewards program, it’s a good idea to apply for it. By purchasing items you need that are worth points, you can earn free items, store credit and money back on later orders.
  • Wait to Buy: When shopping online, leave your items in your cart. However, don’t hit the buy button right away. You could receive discounts to incentivize you to complete your purchase. You can also hold onto your items and wait for a good sale to come around.

Protect Your Identity

Identity theft is becoming a bigger and bigger threat to everyone’s financial security. Sometimes it feels like nobody’s safe. However, there are things you and your child can do to protect yourselves. The first thing you should do is shred all documents that have your personal information on them.

Many identity thieves will go through dumpsters and trash to see if they can salvage any information they can use against you. Also make sure to not leave mail in your mailbox for too long, especially not overnight. Going through people’s mailboxes is also a pastime of identity thieves.

They also like to pretend they’re the IRS. If the “IRS” calls you by phone or messages you through email or social media, then you know for sure it is not the IRS. The IRS will most likely mail you first, so be wary if you get messages from them by other means.

That being said, never give your personal information over the phone. Don’t carry your Social Security card on your person as well. To be on the safe side even more, use credit cards instead of debit cards. With debit cards, your entire bank account could be at risk. However, you can dispute charges made on credit cards and suffer less loss.  

You can’t protect your children from every mishap in life, but you can make them more prepared. By teaching them the benefits of having a job, shopping smart, and protecting their identity, your children will be more ready to face the world, one dollar at a time.

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