Teach Children to Save Day
It’s never too early to start teaching kids about money, as financial lessons they learn throughout their childhood will last them a lifetime. Being open and honest about your financial experiences, good or bad, can help prepare them for the future. Introducing the concepts of savings, budgeting and managing money early on will empower the next generation with the knowledge and skills to make sound financial decisions. It’s not just about teaching children how to save but giving them the tools to build a stable and successful future.
Opportunities to Talk to Your Kids About Money
Money Missteps - A Great Thing to Happen to a Kid?
Explain the difference between needs and wants, and the value of saving and budgeting. For younger children, the jar method can be very effective – one for spending and the other saving. As they get older, adding a third for charitable contributions is another way to provide a sense of responsibility (Spend | Save | Share). Regardless of age, having an understanding of a need versus a want can be a great place to start when deciding if they should spend or save that money.
Young adults’ financial independence might start ramping up as they transition into adulthood. Ensuring they have a grasp on smart financial habits helps them become responsible individuals who can confidently navigate the complexity of personal finance.
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