Start Your Children Young We have been discussing money since the first time they asked for a pack of gum. Use every opportunity you can to talk about money. Children understand more than you may think.
Our children work for their money. My children have chores. They do NOT get paid for their chores. I don't get paid for doing dishes and they won't when they are adults either but we do have “extra” things they can do. When they work for their money they appreciate it so much more. We also have them save it so it doesn't burn a hole in their pocket. They have to think about what they want and work for it.
Set Financial Goals – Children need to set goals just like adults. Is their a toy they want? Those $150 Nikes? We actually have friends who make their children buy their toys (outside of Christmas and birthdays). I think it's brilliant. The children appreciate their toys and take care of them because their hard work went into buying them.
Include your children in Family Budget -l discuss our large purchases, and why we can or can't afford something. We don't give them all specifics of our income but explain generally. I also break it down for our grocery budge the because they can actually see. Now they are helping me search for better deals.
Raising financially responsible children is important for their future.
Post presented by Genworth Financial with information sourced from Genworth Financial.