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Did you ever think to yourself, “Geez, if I had only learned all this stuff about budgeting, not using credit cards, saving, and investing BEFORE I got money then maybe I wouldn’t have found myself trying to get out of such a financial mess?” I know that’s crossed my mind more than once! And you’d think since I am a money management coach that my kids are on top of it when it comes to all the financial decisions they need to be making (NOT! They are still typical kids, but I keep trying!). Just in case you have better luck, I’ll share some of my best money management tips for kids.
Money Management Tips for Kids
Want to know a secret? It’s not too early to start talking to your kids about money management. One study showed children as young as seven start to become aware of financial habits. The good news is, teaching financial savvy really isn’t too hard!
All you really need to do is spend less than you earn, stay out of debt and invest for retirement. Sure, there are some other minor details along the way, but you can accomplish a lot with just those three foundations.
How do I teach my child to save money?
There’s a popular saying that kids will learn what they live. In other words, it’s more likely they will follow your example rather than follow your advice. This is true in all things, but especially with money. You can’t preach that your child save and budget while you are reckless with your spending and run up credit card debt.
You can help your child by talking with them about their wants and their needs. Obviously many, if not all, of their needs … Read More
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