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The year 2020 was one of the scariest ones yet in millennial history. The world shut down because of the deadly coronavirus, and people lost their jobs, homes, livelihood, and loved ones. The world was in turmoil, with panic and fear in the air. To contain the spread of the virus, governments imposed severe lockdowns. People had to stay indoors to protect themselves from the virus. They could only step out to gather essentials provided they wore masks and maintained social distancing. It was a chaotic time, and people started to lose hope.
However, with time, things started to change slightly. The number of people affected reduced, the number of recoveries increased, and the deaths due to COVID-19 became lesser. The year was a blessing in many ways. It taught us lessons that we can hold on to for life – the importance of family and mental health, if we have to name one. It also made us more responsible financially and taught us to appreciate and be grateful for everything we have. These precious lessons can help open an honest conversation with our kids and be imparted to our kids. So, without further ado, let’s look at 5 important money lessons our kids can learn from the pandemic:
1. Always Plan For A Rainy Day
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If the pandemic taught us anything, it is that no one knows when an emergency might occur. You may or may not have an emergency fund that you’ve been contributing to for an unexpected situation, but the pandemic is a great way to teach your kids how important it is to save for a rainy day. Experts suggest that you set aside at least six months of living expenses for an emergency. It takes discipline to build that habit, and your kids can really benefit from it.
2. Appreciate And Learn The Art Of Simple Living
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People could only spend their money on basic necessities during the pandemic — food, water, and medicines. Anything beyond that was considered unnecessary at the time. Teach your kids that simple living is an underrated art. A fancy car, house, or phone might bring your happiness, but it is only temporary. Spending quality time with family and loved ones, making time for a hobby you love, and living each day in gratitude is far more important than splurging on luxuries.
3. Learn The Difference Between Needs And Wants
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Your wants are endless, but your needs are what you require to live a simple, content, and happy life. Teach your kids how to decipher between needs and wants. It’s a skill that will prove useless for the rest of their lives. Whenever you’re confused about making a purchase, ask yourself, “Do I really need this?” and you’ll have your answer. You don’t have to ignore every want; you just have to learn which ones to act on.
4. Accept Help If You Need It
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When an emergency strikes, most people are helpless. Teach your kids that it’s okay to ask for help if they need it. Accepting monetary assistance during a time of need is an excellent lesson that your kids can live by. Ensure you have a solid plan that specifies your requirements and a stable repayment schedule so you can free yourself from the stress and worry of high-interest debt.
5. Extend Your Support To The Ones Who Need It
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There’s nothing more rewarding than being of service to those in need. Teach your kids the importance of giving. Start young and instill the value of service in them so that they grow up to be generous. You don’t always have to provide monetary help to people. Some things are far more precious than money. You could volunteer your time, donate old clothes, prepare meals for the homeless, sew masks for the unfortunate and help the elderly in your neighborhood.
Kids are the future of the world. They must learn to live responsibly in case of emergencies that may arise in the future. Teaching your kids these valuable lessons will go a long way in their growth. Did you find this article helpful? Share it with fellow parents who can impart the knowledge with their kids.
