Single Moms are Best at Teaching Children the Value of Money
Single mothers – and their children – tend to be criticized in the press. When reports of delinquent children make the news, it’s always mentioned if the child is from a one-parent home.
The single moms I know are all wonderful mothers, and here’s a piece of positive news for single mothers. According to a study in the United Kingdom, single mothers are better at teaching their children the value of money. Single moms are also more likely to involve their children in household budgets and the day-to-day running of the house. Moms in the survey say it’s partly because they want their children to be able to understand why they can’t have a new Playstation game or Bratz doll this month.
Understanding financial matters, such as budgeting, paying bills on time, saving for education and rainy days, and curbing impulse buys, is a very underrated skill for children to learn.
All moms – and dads – can include your children in household budgeting and teach financial skills at some level. For toddlers and young children, parents can explain in the store that candy costs the same as a small toy or a hair bow, and that they only have enough money to buy one of them.
A way to explain saving, is to give them a reward, like a small coin to put in a jar or a sticker to go on a chart, in exchange for helping out with chores, and when they have saved a specified amount, say three, or five, they can use them to “pay” for a treat or an outing.