Having The MONEY Talk With Your Kiddos
So often, I visit with friends who wish their family was in a much better financial state. The common complaint ‘I was never taught how to manage money and I’m feeling the effects, now!’ Honestly, that’s the cold, hard truth. Many of us were never taught how to manage our money and now that we have a family to raise we’re all doing the best we can to survive.
Here are a few tips to keep in mind when having the money talk with your kids at ANY age!
- Be a great role model! Stay away from credit cards and stick to cash! Create a budget and stick to it. Your relationship with money is the foundation for your children!
- Start a savings account early! Take your child into a credit union and open an account. Banking Centers are the best way for children to become familiar with speaking to someone about their finances and can feel confident asking questions in the future.
- Give your children the opportunity to save, earn and spend money. There are chores around the house for every age and assigning responsibilities early will allow your child to take ownership and realize the reward is ever so sweet! Accountability and follow-through are KEY here.
- Teach children how to give. Find out what’s important to your child and make a donation. There are a million non-profits who are desperate for funds, volunteers and more. How awesome would it be if we all raised charitable children!
- And finally, set goals. If your child sees the latest and greatest technology on the market and it’s a MUST HAVE, name the savings account whatever they’re saving for and encourage them to save their money! Keeping the goal top of mind will allow the child to reach their goal faster than ever before!
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