HOW TO ENCOURAGE THE “YOUNG SAVER” MONEY MINDSET WITH OUR CHILDREN

¡HOLA FAMILIAS!

Hope everyone is doing very well!  My last post talked about fostering young entrepreneurs. If you missed it feel free to click here  http://enannylink.com/5-ways-to-foster-entrepreneurship-in-your-children/

  Today I wanted to take another step with our young entrepreneurs, and chat about  encouraging and educating our children to adopt a young savers mindset.  I know this is something most families don’t discuss with little ones.  Exposing our niños to budgets/savings early has so many advantages for their future.  It gives them the confidence to know basic principles that would help them care for themselves.  It would also help them create great healthy habits with money early on. Speak with your child on the importance on saving, and why we do it.  You could mention there are savings for long term and short term goals.  They could save for a new toy, ice-cream, or a piece of clothing.  Since children are visual they could even cut out a picture of their goal and post it on their bank.  Here are a few quick tips to get started.

1.  Have a light-hearted discussion with them using simple terms, and example about why we need money and what we use it for.  Example fuel for the car, or it could be as simple as the light switching on, and explaining how we pay for that service.  Or, you could just keep it to toys whatever your comfort level is go with it!  You can go into details based on your child’s age.  Keep it fun, light and simple.  We want to make sure we are really relaxed when sharing examples with them.

2.  Designate a saving space together.  Example you could use the good old piggy bank, an envelope, or a jar.  Whatever works and inspires your child to want to save.

 

3.  Work on a chart together where the goals and timelines could be seen.  You could just use pictures of their goals; like a vision board.  For Vision Board ideas click here: http://enannylink.com/create-vision-board-children/

4.  Set a good example.  They would love it if you had a bank next to theirs, and showed them the way to reach your goals a penny at a time! Modeling is always the best teacher.  This is one of my favorite banks we found for our young niece….it adds the money up as each coin drops in! Talk about watching your money grow!

 

5.  Here is the fun part! Play games, or activities with your children.  If they’re younger you could set-up a grocery store and give them money to purchase the food. Give examples of how they could make money and how much they should save for the next week.  Any lesson could work in pretend play….skies the limit!

When my husband and I spoke with our children we bought a game called Ca$hflow by Robert Kiyosaki.  At the time our children played with us. We were all learning as a family!  Today this game has expanded, and they have a children’s version now. This game takes all the tough mechanics of money and keeps it very basic that a four year old could play.(Note I am recommending this game based on my experience as a customer only.)  https://www.amazon.com/CASHFLOW-Exclusive-Message-Robert-Kiyosaki/dp/B0002R5IKS

Let me know in the comments below what you do with your children to help them with the basis of having a young savers mindset?  Have you tried any of the tips above?  If so what worked or didn’t work?  Thank you for reading and have a great day!!

¡MUCHAS GRACIAS!  SHAUNA

 

MY FIRST GUEST-POST INTERVIEW BY JASMINE CREATOR OF BANKABLE BEHAVIOR

HOLA EVERYONE!

Hope the summer has been a blast for your families!!!!  We still have so many beautiful days ahead of us.  I wanted to share a post interview that I had the pleasure of doing this week. 

Jasmine Banks interviewed me, and she is the creator and founder of Bankable Behavior.  This is an up close, and personal journey of mine I wanted to share. 

MUCHAS GRACIAS SHAUNA 

http://bankablebehavior.com/shauna-2

 

5 WAYS TO FOSTER YOUNG ENTREPRENEURS

HOLA EVERYBODY!!

I Hope your summer is long and beautiful!! Summer time is an excellent time to help our children build a small business, or earn extra money.  Growing up my sister and I went door to door in our neighborhood selling old toys to our friends.  We lived right next to an ice-cream shop and planned on having a budget for ice-cream everyday.  Of course we planned on buying new toys.  We were only 5 & 6 years old.  We couldn’t wait for the summer to create different ways to earn money.

So, how could we foster this so our children today can keep the entrepreneurship spirit throughout their lives? Of course this is for children that have the desire to, and visualizes working for themselves as a fun adventure!!! Which, from my experience with children is almost every child.

  1.  Find your child’s skills and talents that could be used to earn money.  For example if they could sing help them with auditions and start a talent show selling tickets in the neighborhood.  If they are older they may be able to teach lessons with an instrument they know how to play.
  2. Selling old items they may be ready to give up like a garage sale, or set up a re-sale shop (sounds fancier) to attract customers.  Assisting them with a store-like set-up would be key here.
  3. Help your child with an oldie but goodie business “Set up a lemonade stand” Fun with music, signs that would attract customers.

4.  Depending on your children’s age pet walker, lawn care, deliver groceries, or for the environmental conscious child recycle program such as cans to earn money.

5.  The last step to help our child is putting together a simple business plan.  A quick outline of what they want to do, how to do it, what to charge, and their plans for the money. This could be done in pictures such as a vision board in case you missed my last post click here on how to create a vision board with your children.        http://enannylink.com/create-vision-board-children/

I love helping children put together business plans. Have your children created a small business?  What was it and how were they fostered to reach their goals??

Here are my Young Entrepreneurs that I’m fostering.  They selected the good old lemonade stand.

Their goal was to earn enough money to purchase magic products for their next business.  They plan on learning magic tricks while earning money for it.  I cant wait to get that business going I haven’t tried that one yet in my childhood lol!! They reached their goal in 2 hours and we went to their favorite store #Target and the rest is magic!!

Thank you for reading and I cant wait to hear from you in the comment areas!  Don’t forget to subscribe and share this post….Gracias!!