Teaching children about money is a difficult task; you have to figure out the best way to talk about earning, saving, and spending. Although the basic concepts are easy to teach, the more in-depth and ethical issues are a bit challenging. Simply telling your children they can spend a certain part of their money is one issue, but explaining where to spend that money and why some places are better than others may involve several lessons.
One way to teach ethics in spending is to compare spending habits to those of voting. Show them that when they spend a dollar at a retailer, they are voting for that retail location — in other words, they are supporting what these retailers endorse. Discover some ways you can show your kids how to become more ethical with their spending decisions.
Buy From Charitable-Minded Companies
Image via Flickr by hans s
One way to teach ethics and morals through money is to explain how some companies choose to donate profits to charity. For example, Toms is an inspiring organization that helps a person in need every time someone buys from their company. If you urge your child to buy a pair of shoes from Toms, Toms will turn around and give a pair of shoes to a person in need.
Whether you are spending your money on food, clothes, or other goods, buying these items locally is important. When you teach your children to spend their money in their hometown, you are teaching them that their money is supporting your community. Instead of funds going to corporations around the world, your children are putting money in the pockets of people in your community and helping those around them.
Research Favorite Stores
If your children have favorite stores that they love, have them research those stores before they spend money there. If Old Navy is a place that they want to shop at, suggest that they go online and find out more about the company.
When they start looking, your children will learn that the money they spend, along with using their coupons at Old Navy, helps support charities such as Alex’s Lemonade Stand Foundation, a childhood cancer charity. Through their research, they can see what their money supports and make wiser decisions with their spending.
Give to Others
Many stores ask their guests to give to others or buy products where the funds go to support charities. Encourage your children to shop at these stores. For example, your kids can find these types of supporting charitable deals at Kohl’s. The Kohl’s Cares Foundation offers a variety of items sold throughout the year where 100 percent of the profits supports kids’ health and education. Have your children use their Kohl’s value coupons and spend money on these products.
You won’t find one easy way to teach your kids all about the intricacies of money. However, teaching your children to vote with their money is a great lesson in both spending and ethics. That lesson learned is worth every second it takes to teach them.