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9 Ways To Teach Kids About Money
Manage episode 353387201 series 3379690
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Even if your children aren’t set to receive an inheritance, they must be educated about money if you want to increase their chances of becoming a financially successful adult.
In this episode, I describe nine strategies parents can use to help kids understand how to get the most value out of their money.
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Episode Summary:
1. Decision making: Give them a specific amount of money and allow them to decide how they will spend it. You can implement this for allowances or special occasions like a trip to a theme park.
2. Skin in the game: We don’t value the things we get for free as much as those we contribute towards. For larger purchases, like college tuition or a car, require your child to contribute to the cost in some way.
3. Have a contract: Get out a pen and paper. If you’re going to loan your child some money, write down the terms, make them sign it just like a contract to create some accountability to it.
4. Budgeting: Have your kids make a budget for how they plan to spend their money. Make them stick to their budget to understand if their money is being used where they said it would be used.
5. Watch their actions list: Pay attention to how they actually spend their money. Do they spend it how they say they will? Do they pay back borrowed money when they say they will?
6. Chores and allowance: Consider adding chores like you add allowance. The more your kid is able to do, the more proud they will be of what they can accomplish.
7. Saving half and spending half: Teach kids that if something costs $40, they need to have $80 so they can spend $40 and save $40. Create a habit of always setting money aside in savings.
8. Regular communication: Schedule a time to discuss finances as a family and talk about it regularly and repeatedly as your children grow up.
9. Lead by example: Our children will do what we do. Share the simple financial choices you are making for yourself, acknowledge any struggles and celebrate your successes.
In this episode, you’ll also hear:
● Encouraging decision making skills and having skin in the game
● Creating accountability through budgeting and follow ups
● Why regular communication is key to financial education
Must-listen moments:
[00:04:08] Kids are really starting to become aware of money at an early age and that carries through, so it's important that we start to think about things that we can do to help educate our kids about money.
[00:19:58] This idea of regular communication seems to be one of the really biggest keys of success in educating the next generation about finances.
[00:22:02] As our kids get older and we're at a different stage of our lives, the kids just might not remember what it was like when we struggled.
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Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.
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This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.
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