A life in frugality starts from childhood and the habits that kids inculcate are small actions they take in their childhood. This article tells you about seven such skills or habits that you can help kids inculcate.
The article acknowledges that current generation is impatient, needs external prompts for self esteem and is low of social connection. It is interesting the way the article relates these traits to the financial wellbeing of the child. One example is the relationship of self esteem with consumption. If the kid looks for external validation for his or her self esteem, it is more likely that they would fall prey to the lure of advertising that promises you better looks, smarts or social life at a little cost of buying a certain product or service. Parents need to make sure that kids are confident as they are and do not look at external world to validate their value.
The article talks about other skills such as patience, self confidence, collaboration, creativity, negotiation, contentment and individuality, each contributing to a specific aspect of the kid’s future financial life.
In a great take of individuality, the author says, “In a world where consumerism and consumer debt is a way of life, choosing a different path takes a steely sense of self. Promoting a spirit of individuality in children helps them cope with — and even celebrate — being different. Point out how your family’s own spending and saving habits go against the grain and don’t be afraid to show the benefits (monetarily and otherwise) of your simpler, saner lifestyle. It will serve them well for the rest of their lives.”
This is important not only in the financial sense but also in the sense of building a great and happy life. Finding your own niche or corner in the world that behaves in a herd-like manner is not only important from a financial perspective but important in the sense of enjoying the life we have.