As a parent, you probably want to give your kids the best opportunity to be successful. Part of their success depends on making wise financial decisions and the best way to do that is to start them as early as possible on understanding important financial concepts that will be key to their future. Raising a money smart kid is an important part of being a successful parent.
Download or print "THE FINANCIAL TOPICS TO TEACH YOUR KIDS TO MAKE THEM MONEY SMART"
Download or print "WHAT TO TEACH YOUR KIDS TO MAKE THEM MONEY SMART"
- The very first concept that kids can and should learn at a very early age is the difference between a need (food) and a want (gaming). This is the first step in helping your child make smart financial choices.
- Understanding that whatever they buy can have different costs based on where they buy is a great way to build their savings aptitude. If they learn to look for the best price and deals, they will rarely overpay for anything.
- Teaching your children that they really only have three choices for their money – spend it, save it or share it – helps them understand the need to do all three activities with all of their money they earn or receive.
- A great game to reinforce the value of saving money is the Keep The Change game. Give them $10 for ice cream and tell them they can save the change left over. It is telling what they order when it’s their money.
- If you give your child an allowance then you need to give the correlating financial responsibility. Encourage them to use the Spend, Save, Share concept and increase their allowance as you increase their expenses.
- The most powerful teaching moment for your kids will be sharing the financial decisions you make on a daily basis. This includes how much you spend on groceries, the impact debt has on your financial decisions and finally, how you save for education and retirement.