October 24th, 2017

Teach your children well.

Here are a few concepts that can teach your children to have a healthy respect for money:

1)  Saving for a rainy day is important.  When we spend everything we get as soon as we get it, we aren’t prepared to handle the surprises – or even opportunities – that may come along.

2) It is necessary and important to work hard for your money.  Money is something to be earned.  An allowance is a great way to learn about this, particularly if chores must be done in order to earn the allowance.

3) It’s critical to have a budget.  Teach your child the basic principles of budgeting:  money comes in, money goes out – and it’s important to balance the two!  Ideally part of the budget is that “rainy day” savings.

4) “Giving” is also an important part of a budget.  Sharing is a concept we all hope our kids learn early on.  Encouraging your child to give a part of what he or she earns to some type of charity helps to instill multiple life lessons!

5) Setting goals is a great way to learn how to save.  Your kids can use an Adventures in Savings account as a great way to learn about goal setting – and to earn rewards for reaching savings goals.

 

 

Category: Financial Ed for Kids

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