Money, finances, debt, the economy, it is on all of our minds in some way or another. Either we need more or we are trying to protect what we have. As parents, this is particularly important and fantastic time to teach our children how to have a healthy relationship with money, how to manage it properly, and how to be mindful of where it goes.
Here are 10 tips to teaching kids about money by Paul Richard
1. As soon as children can count, introduce them to money.
2. Communicate with children as they grow about your values concerning money
3. Help children learn the differences between needs, wants, and wishes.
4. Setting goals is fundamental to learning the value of money and saving.
5. Introduce children to the value of saving versus spending.
6. When giving children an allowance, give them the money in denominations that encourage saving.
7. Take children to a credit union or bank to open their own savings accounts.
8. Keeping good records of money saved, invested, or spent is another important skill young people must learn.
9. Use regular shopping trips as opportunities to teach children the value of money.
10. Allow young people to make spending decisions.
For more information, check out Family Education at: http://life.familyeducation.com/money-and-kids/parenting/36332.html#ixzz1uIMbB28a
Be well,
Rebecca
