Little League is almost a rite of passage these days. Watching your kids learns to throw, catch and work as a team is one of the most exciting experiences a parent can have. But think about it! When you teach your child how to play ball, you don’t just send them out onto the field. You take time to teach them the basics.
Learning about money isn’t all that different. We start with the little stuff, like a savings account or build a budget (Of course, you can find tips for that, too!). Then we take those lessons and put them to work.
So here’s something to practice this week. A few weeks ago, we talked about using chores to teach your kid about the value of a dollar. Now let’s take this one step further. For the next month, build a list of age appropriate chores for your child. Then give each one a dollar value. Making a bed could be worth 50 cents. Taking out the trash might be $1.
Now they can start working and see the value of their savings go up.
Why should we practice this? It’s simple. Someday your child will go out to get their first job. It’s a bit like playing their first little league game. If they aren’t prepared, it can be easy to fall into bad financial habits. They might build up debt or spend their paycheck too quickly. But if they’ve already practiced sound techniques for financial fitness, they’ll be prepared to succeed.
The mint makes it first, it’s up to us to make it last.
-Jainie-
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