5 Money Lessons for KidsSample

Good money management is all about patience. 

Instant gratification leads to delayed financial health. We live in an instant gratification society. We all know this, right? I remember hearing Jeff Bezos explain one of the key’s to Amazon’s success has been giving "people exactly what they want, everything they can imagine, as fast as they possibly want it." He understands that people are always going to want more and want it faster and, clearly, that's working as their business model. 

Like any loving father, I definitely can be tempted to buy my kids whatever they want as soon as they want it — because I love to give my kids gifts! But, by teaching them that it takes time to save up, I am providing them an opportunity to learn an invaluable lesson. There is time between desire and fulfillment. Proverbs 14:29 states: "Patience leads to abundant understanding, but impatience leads to stupid mistakes."

For kids, this could be something simple like a reading plan or a progress chart. Once they’ve completed the set goal, there is some sort of reward that will be a good incentive for your child. That way they know that the thing they want is a reward for their hard work and consistency. 

It’s about finding goals that our kids desire and then providing them a path to attaining that particular goal. Make sure you follow through with it as a parent, though. Encourage them in that direction and then, of course if they actually get there, make sure that you make good on your word. But find those ways to help them work hard towards something that they ultimately desire and help them experience the rich reward of receiving what they were longing for after patiently waiting.