Money habits to teach kids on Halloween

Halloween is full of fun and candies! It is also a great opportunity to teach your kids some important lessons about money management.

Delayed gratification:

What is delayed gratification? Its simple. When given a consumable treat, a person has two choices: consume it immediately (immediate gratification) Or wait to consume it for an additional benefit (delayed gratification).  The additional benefit could be better health, more money or more candy etc. depending on the situation. Research has shown that delayed gratification (practiced or natural) is one of the strongest indicators of future success.

Too many candies is a no-no for kids. Before your kids binge on that candy treasure, set some rules – and delay the gratification received by eating all that sugar. For example: make it a rule that they can only eat 2-3 candies per day.

Negotiation:

Money habits during halloweenNegotiation is a great skill to have as an adult. One idea to teach them negotiation is to limit the daily candies to say 1-2. And then make additional 2 candies negotiable. Talk to them at the end of the day about whey they should get some additional candies. Reward them for good and desired behavior.

Giving for a good cause:

No matter how big or small the candy haul is, it is a good idea to speak to the kids about the less fortunate and let them figure out what percentage of the candy they should give for a good cause. This builds empathy and introduces the children to the concept of sharing and community.

 

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