Good Spending Habits To Pass Onto Children As A Fashion Blogger
We all want to enjoy the very best of what the fashion world has to offer, grab the latest trends and styles from the new season. But sometimes you have to take a step back and consider budgeting for the future. As fashion bloggers and influencers who have a large following, it is often a duty to guide those who are much younger than us. In my latest blog post, I take a look at how to advise our younger followers or even our own children to make sound financial choices.
It can be a complicated and challenging task to navigate through the world of money, budgeting, mortgages and savings (even for adults!) – click here for information about junior ISAs from Wealthify.
Helping kids learn all about money and demonstrating to them good spending habits is a straightforward way to help them get a handle on things financial including how to avoid debts and how important it is to save for those rainy days. Below are some top tips to pass onto children.
Talk About Money
It’s a simple thing, but it does work! Typically, talking about interest rates is not going to be an exciting subject for a 7-year old or even a teen, but discussing money with them is something that should be encouraged. You do not necessarily need to sit them down and lecture them about the importance of money, but openly talking about savings, budgeting and investments will create a financial template for your child to look back on. It won’t take long for them to become quickly acquainted with different products and phrases, allowing them to understand their financial requirements when they are older.
It is only natural for your child to notice if you have papers everywhere, bills demanding money, an overflowing notice board, and you have no idea what requires payment. If you are cool, calm and collected when it comes to all things money, they’ll be able to see that organisation plays a huge roll in keeping on top of your money and always being in control. Additionally, this will undoubtedly help them in other aspects of their lives too.
Not Always Using Cards
The world we live in has made it far too easy to simply tap the card reader and move on quickly; This can lead to the impression that there is a never-ending supply of money in the account. If you use physical cash, then your children will get a greater understanding of “once it’s gone, it’s gone” giving them the foresight to be more inclined to hold onto their money for as long as possible.
Avoiding Those Frivolous Purchases
Spending money here there and everywhere, going off your pre-planned list at the supermarket as well as giving in to every purchase request from your children is a dangerous game, which they are likely to imitate when they have their own money in the future.
Good spending habits will include sticking to your budget, not extras added to your shopping trolley and living within your means.
When your child is continually asking for a new magazine, sweets or even a toy whenever you go out reminding them that you’re on a budget and you can’t spend everything you have will begin to resonate with them over time.
What are your thoughts regarding teaching children about the perils of overspending and the need to save? Something different for my men’s fashion blog, which I felt was something that needed to be discussed! Let me know in the comments below!