Hey there guys and gals! Last week Jainie covered some great lessons for getting parents pumped about teaching their children the wild and wonderful world of finance. This week I’d love to follow up and share even more valuable lessons you can teach your kids about money:
- Teach them creating a budget. It doesn’t have to be complicated. The goal is teaching them to plan their spending. Make it simple, easy, and fun, that way they build the tradition now. It pays off huge as an adult.
- Teach them to pay bills. If your teen-ager has a cell phone, include that in their monthly budget allowing them to pay the monthly bill. If they’re late, service is shut off.
- Teach them about the dangers of debt. This is probably one for the older kids. You’ll need to discuss credit cards, loans, and avoiding pay day loans. If you break it down on paper, they’ll see how debt payments reduce their spending.
- Teach them the value of earning money. They can start learning this lesson at a young age, by earning extra money (not from chores, as they need to learn to contribute to the household without expecting pay), but from extra projects, such as doing yard work or babysitting for the neighbors.
- Teach them about impulse buying. Teach them to enforce a cool off period before making a purchase. This reduces the chances of making an impulse buy.
Teaching your kids these essentials will give them the tools they need to thrive. Teaching your kids financial fitness is a marathon and not a sprint. Take it slow, and learn from each other.
Have a Great Weekend
-Johnnie-
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