|
Getting your Trinity Audio player ready...
|
One of the most important lessons that you can teach your kids is how to handle their money. By being able to raise financially savvy children, you can set them up for success and more opportunities. These simple tips will also be helpful for you in the process of teaching them to be financially savvy at an early age.
OPEN A CHILD SAVING’S ACCOUNT FOR YOUR KIDS
Many Banks today have different options for child’s savings account in which you can choose from. By opening up a Child’s Savings Account, you can help your children build positive experiences around banking and understand how to save money.
NEVER WITHDRAW FROM MONEY CONVERSATIONS WITH THEM
Generally, Kids will let you know when they’re ready to talk about money. And when they do, do not shut them out. Instead of changing the subject, respond to their questions the best way you can and let them know that it was okay to talk about money.
MAKE LEARNING ABOUT MONEY FUN FOR YOUR KIDS
Don’t condition your kids to think that saving, budgeting and managing money is boring or a hassle. Give them positive experiences with money and read personal finance books for kids together. Make it fun for them and they’ll love it.
ALLOW THEM SOMETIMES TO MAKE SPENDING DECISIONS
Involve them in certain spending decisions as they grow older. It’s critical for them to make money mistakes early on so as they get older their financial management skills keeps improving. You can as well allow them to help budget for their ice-cream or snacks at the grocery store or even plan their own birthday party with a budget that you set.
ALLOW YOUR CHILDREN TO PRACTICE EARNING MONEY
Be open to provide them opportunities to earn money by doing small jobs around the house or with family and paying them for it. You can teach them to split the money earned into 3 categories: save, spend, and give. That way, they can learn to balance priorities.
You can develop other methods or strategies you believe can work well for your children in raising them to become financially savvy in this 21st century.
Good luck!!
