Halloween is a fun time of year. Dressing up in costumes for trick-or-treating lets kids make light of what could otherwise be scary. For them, make believe scary is good fun. In real life, scary stuff is no fun at all. It usually involves health, safety and money. We all have to grow up sooner or later, especially when it comes to money. Here are a few financial fears kids have to learn to deal with, and what to do.
Not Having Any Money
The scariest thing about money is not having any! For kids not having money can result in low self esteem. Helping kids to have good self esteem is a good way to combat this fear. They are worth love, time and attention which are things that money can’t buy. Good relationships with friends and family are the real value in life.
Kids can also learn how to handle money wisely by watching parents make careful financial decisions, as well as saving for a rainy day. The rainy day fund is for emergencies. If spending less than you make is a habit, its easy to start the fund.
Kids can keep part of allowances, gift money or chores money. A piggy bank that is fed on a regular basis is a great way to keep that fear at bay for kids. This is a basic money habit that can set up good habits that for life.
We may not always be able to control our income, job opportunities or raises. But we can manage money when we get our hands on it. Please share that with kids – it’s empowering information that they can use.
If the kids get money this Halloween, use it to start or grow their piggy banks. Taking control of finances is the best way to eliminate the number one fear about money.