Parenting is hard work especially when it comes to talking to your children about money, whether or not they should have debt or start budgeting, or even planning for the future and saving. These tips are perfect not only for preschoolers and elementary age but high school students too. Why not sit down as a family tonight and start teaching your kids these 6 essential lessons about finances. You’ll be glad you did!
I’m so honored to be sharing 6 essential lessons you should be teaching your kids about finances over at Reaching Families. Here’s my first tip – you’ll have to head over to Eujeana’s blog to read the rest!
Spend, Give AND Save
It’s no secret that we don’t have to teach our children how to spend money. If your child is like most, one trip to the store and he’ll find a treasure he can’t live without…and his money will be gone!
Since he already knows how to spend, teaching him how to give and save is the next step in learning about money. I recommend teaching him as early as possible so he can get in the habit of all three and it feels like second nature to him. As he gets older and earns more money he’ll already have the mindset to spend, give and save.
Whether you create fun coin purses, buy him a money bank or make something else, just start with something and have fun with the process. Each time he gets money and puts it in his bank talk to him about the importance of spending, giving and saving. Let him choose what he’s going to save for and where to give.
As he gets older and moves into the teenager years figure out how he is wired – he may enjoy creating a simple budget on paper or a spreadsheet may work better for his personality. And when you feel he’s ready, help him open his very own bank account so he can learn to be responsible with his money.
Check out the remaining 5 tips at Reaching Families on the post I wrote about Cultivating Financial Independence.