share their successes. ll of Wisdom
Each parent may have different experiences, values and beliefs about money. Parents should talk about these feelings and opinions and establish a consistent approach to teaching children about money. This is essential to the healthy development of the children.
Lead by example. Use a regular shopping trip as an opportunity to teach. For example, while in the grocery store, demonstrate how to plan economical meals, avoid waste, and use leftovers efficiently. Also, explain what you’re doing when you write a check or use a credit, debit or, ATM card.
Help kids spend money.
Sometimes, kids get so focused on saving their money, that they don’t spend any money along the way. Help them to enjoy their money by spending some on small purchases or by buying something they’d like.
Remember to relax. It takes repetition for kids to learn, so be sure to have fun along the way!
Our family started a group coin jar to which everyone contributes spare change. When the jar is full, we’re going to spend it on something we don’t do very often that everyone can enjoy, like going to a movie. We’re learning that if you put in as much as possible on a regular basis, it grows faster. If we’re lax it will take us longer to get to the reward.
Early Bird The earlier you start saving the better because compounded interest over time multiplies your investment. Keep this in mind for your retirement and your child’s college savings.
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