Have you taught your kids these 3 money habits?

When we tell you to 'never stop learning', we mean it. Today's article is all about good money habits to instil in your kids (no matter their age). But don't worry - if you don't have kids, these tips can act as a reminder of what's important when it comes to your mindset. After all, 83% of parents would have liked to learn more about their finances when growing up!

With your money beliefs and attitudes formed by the age of seven, it's important that you start your child's financial education as early as possible. Don't worry - we're not telling you to set up a retirement plan for your five-year-old... there are plenty more age-appropriate ways to develop a healthy mindset. For example - recent studies have found that by the age of five, kids had already formed distinct emotional reactions to both spending and saving money!

In today's article, we'll be covering three good habits you can teach your children at any age.

• For youngsters, showing them the different coins, and having them identify how much they're worth is a great memory game!
• Weekly allowances show how over time, saving money gives them a larger amount to spend on something they really want.
• Visit car boot sales or school fairs, and tell your kid how much they can spend (or if you're using cash, give them that amount at the beginning). As they pick up all the things they want to buy, help them figure out which ones they can actually afford.

In all of these activities, communication is key. By talking through the process and explaining why certain things can or can't be bought, you're reinforcing their understanding of money's value.

Donating money is a practical way to show the value of money to your kids. Pick a cause they're passionate about, and give them some money to drop into a collection box. A great option for this is animal charities, since many will send you updates or pictures of the animals that you're helping. 

With the visual aid of images and stories, your child can start to tangibly see the impact that their money can have on the world. Not only that, but teaching your child to be generous is a great way to develop a positive money mindset!

1. Revisit last years Money Hour with Dr. Mara Catherine Harvey, where we discussed how you can teach your kids about money.

2. Learn more about your money mindset in our Digital Money School - sign up to access the first module free!

3. You can change your child's financial future - help us close the knowledge gap by completing our 5-minute survey (and get 20% off SmartPurse as a thank you!).