Tips for teaching kids how to save

Sarah Lifestyle

Teaching children about money seems like a task they cannot handle until they are older. However, little ones are malleable, and that makes it the ideal time to teach them. Let’s explore tips you can use to teach them this valuable life lesson.

Be an example

A University of Cambridge study found money habits in children are typically formed by seven years old. That is the same with a lot of patterns they have created then. Therefore ensure that you are teaching them the right thing about money because they are going to pick up the same habits. If they notice that you are not generous or overly generous, they will see that and adopt your money habits. It requires being conscious of your relationship with money.

Give money lessons

A child might not know how much houses for sale in Hamilton area cost. If anything, they will be bragging about it to their friends about the type of home they live on or other material things. That is why it is best that you teach them to spend money they have earned through chores or other activities. Should they want something, have them spend their cash so they can understand what it means to have money and to spend it.

Teach them priorities

When shopping, have conversations about how having one thing will mean not having another. For example, if they demand something, ensure that you make it clear if they get what is asked for, there is something else that they won’t be able to get. That way, they can think through their spending decisions now and later in life. s

Let them work for their money

Allowances are significant, but they don’t teach children the value of money. Teach them early that if they want money for something, they have to work for it. It shows them that money is earned and not handed out merely “just because.” It will make them more hardworking, especially if you set up reward systems, for example, for when they can get consecutive good grades or do their chores without fail. It adds a level of motivation and shows them that working is part of life.

Teach them to be content

Lastly, we don’t always get all the things we need. Social media has made a comparison part of life, and what it does it kill one’s ability to be content. It is therefore vital to teaching children to be at peace with what they have and understand that in life, there is always someone who has it better or worse than them.

Three Things to Consider When Buying a House

When deciding where to buy your next house, there are several factors to consider. If you are a couple with young children, you should include them. Including them is a fun way to gain insight into a prospective home.

Another factor is the local school quality. This is important because you want to live in a school district where your kids will receive a quality education. Finally, there is thinking about what your property can be. As toddlers become teenagers, how will their needs change?

Involving Your Kids

When you create your shortlist of prospective homes, it’s a good idea to bring your kids. Keep the trip under an hour and a half and let them explore a bit. They’re going to have their own opinions. Besides opinions, they have a different view of the worlds, which could be insightful.

Involving your kids is also a good practice, so you physically see them in the house. Finally, you can get their feedback on things like the bedroom and the yard, as well as which house, they like the most and why.

What School District is the House in?

School districts are important for two reasons. The primary reason is that a top-ranked school district affords children the best education possible. These schools have more resources and can create better students when compared to a lower-ranked school.

The second reason is monetary. Residences which are in better school districts tend to grow in value. Houses for sale in the Hamilton area, for example, are selling for 5% more in 2019, when compared to 2018. The areas of Hamilton with the most demand are Allison and Fessenden. One of the reasons for this is the number of excellent schools in those areas.

The Future

When buying a property, it is also important to think about the potential for growth. If you have a large yard, that would be good for installing a grilling area, an inground pool, giving a dog some space to run or a combination of those activities.

Besides the yard, look at the house, is there enough space to add a guest bedroom? Thinking about how a room can be repurposed is also a good idea. Today’s nursery can be tomorrow’s office or another speciality room.

Conclusion

When buying a home, there are a variety of factors to consider. Your children’s opinions, local schooling, and what can be changed in the future, are just a couple of examples of things to think about. Some other points include proximity to different parts of town, safety in the house, and the neighborhood.

In terms of additional features offered inside of the home, there are a lot of features homeowners are looking for. A survey conducted by the National Association of Home Builders asked people about which features they wanted to see in their homes. The top three responses of this survey were wireless home security, a programmable thermostat, and security cameras.