It’s Best to Start While They’re Young! TEACH KIDS HEALTHY FINANCIAL HABITS
Good financial habits are something you have to learn and practice. Just think about the routines you have in place and the knowledge you have about specific topics. This information and insight didn’t develop in a vacuum — you had to learn about these areas! As adults, we have had years to form these habits, but our children and grandchildren may not understand the value of money and how it affects their lives.
total of how much money is in the jar and ask your child or grandchild to assist you.
For Older Children and Teens Sometimes kids don’t realize how much money it costs to purchase groceries and other products. To help them understand how to budget and analyze their options, provide them with spending money they can use at the store. As they pick out what they want, you can help them develop smart spending habits such as balancing wants and needs, comparing prices, looking for sales, and more. You can also open a student bank account for your child. The best part is that your name will be on the account so you can oversee their finances. If you notice different patterns in their spending, you can address the issue early on before it escalates.
For Young Adults Some young adults will return to their parents’ or grandparents’ house after graduating high school or college. While they may want to live independently one day, saving money can be difficult. A method we’ve seen some parents do is asking their adult children to pay rent. However, instead of using the money to help pay mortgage or other payments, create a savings account! That way, when they decide to move out, they will have money already saved to help them with their future. Do you have any financial tips you used with your children or grandchildren? We would love to hear from you and learn more about your experience!
So, in order for them to learn about money, where should you start?
For Young Children When your little one is old enough to
count, play money games with them. Start by reusing a jar you can put placing cash or coins. Each time you do, ask your child or grandchild to identify how much each bill or coin is worth. You could also keep a running
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Myth No. 2: You won’t be a victim of identity theft. We’ve all heard horror stories about people checking their bank accounts and noticing fraudulent purchases worth thousands of dollars. While these experiences can show us the importance of protecting our identity and financial accounts, some people believe that identity theft won’t happen to them. Unfortunately, out of the 5.1 million reports the Federal Trade Commission’s Consumer Sentinel Network received in 2021, 46% were fraud, and 21% were identity theft. Identify theft can occur at any time. Scammers have created new tactics that can trick consumers into thinking they are legitimate businesses. Therefore, it’s vital that you double-check all emails, texts, or phone calls you receive regarding your purchases and account information. Sometimes, scammers will act like they are your bank, streaming services, and online businesses. Scammers can create URL links that look like authentic websites (even ones you previously visited!), but in actuality, they’re phishing schemes! It’s best not to click on links sent in emails or texts because your information could be stolen once you log in! Go to the website personally or log into the app to review your account to see any suspicious activities. These are only a couple of the many myths regarding finances. If you have any questions or want more information on how you can keep more of your wealth, please don’t hesitate to contact me!
If you have questions you would like answered in our upcoming newsletter, please submit all inquiries to Ellen@CapitalAdvisoryGrp.com . We would also love to highlight your experience with Capital Advisory Group. If you have success stories or instances you would like to share, please send those submissions to the email above.
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