Teach Your Child About Mindful Spending

Good Money HAbits: Mindful Spending

Updated April 27, 2023

We all could use a little Zen in our lives.  Being mindful benefits nearly every aspect of our days. From our food choices to our sleep habits, channeling our inner yogi 🧘🏽 is never a bad idea.  

Encourage kids to think before they buy

When it comes to mindful spending, parents can help kiddos be think before they hand over their hard-earned allowance dollars.  By prodding them to examine their moods, emotions and impulses, we can help our littles make smarter spending choices and instill good money habits.

Raise your hand if your child has ever watched a commercial and immediately demanded a unicorn Huggle Pet.  Have they walked through a grocery aisle and suddenly can’t live without Trolls-themed jelly beans?  Or, has your kid ever gone on a playdate and left asking for the Hot Wheels racetrack they never knew they needed?  

Our children are simply reacting to spending triggers that they must learn to navigate as they get older.  Even adults have impulses to spend.  We all fall prey to those targeted Instagram ads and one-click purchases.  Sometimes it’s almost too easy to give our dollars away.  

How can we be more mindful about our spending? And how can we teach our kids to do the same?

Help your child understand why they want to buy the item  

“Do you think you’d play with this LOL doll enough to make it worthwhile, or do you just want it because Sofia has the same one? If that’s the case, you can share hers on your next playdate and save your $11.” 

Tell your kids to take a pause before purchasing 

“That sure is a cool Beyblade.  Let’s take a photo of it, and if you still want it tomorrow, we can come back with our spending dollars and buy it.”  

Make a list with your kids before they even enter a store

“We need to buy three birthday gifts in this toy store.  Let’s write them down and only purchase the items on our list. Can you help me cross the gifts off as we find them?”

Encourage kids to keep in mind their long-term money goals  

“That Ring Pop is yummy, but if you decide to buy it, it will take longer to save for the Spiderman Lego set you’ve been really working towards.  Let’s take a minute to think about that choice.” 

The takeaway

Mindful spending teaches kids not only to buy fewer things, but more importantly, to buy what really matters to them.  By spending mindfully, kids can get closer to their savings goals without getting sidetracked...because when it comes to spending, a little ommm goes a long way. 

PSA -  This advice isn’t just for the kids...we can’t be the only moms out there who have impulse swiped on a new pair of joggers. 🤷