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How Do I Prepare My Children to Be Financially Responsible?

Adult hands holding child hands with a jar of money.

The financial education of your children should start early. It should be a part of everyday life. The best way is to teach by an example. Here are some tips you can follow.

Start Slow

Many parents have some reluctance when it comes to talking about money with their children. Start slowly introducing every day small financial decisions, simple financial terms and cost of their favorite things.

Talk Values, Not Figures

Explain a value of money. How many hours to you have to work to be able to buy a loaf of bread, milk, everyday items. 

Take Your Children Along to the Bank

Let them experience the role your bank plays in your financial life.

Pay with Cash Instead of Credit Cards

Encourage them count the money and calculate the change.

Discuss with Your Children That Things Cost Money

Talk openly about how much their swimming lessons, hockey training, games they play cost.

Comparison Shop with Your Children Present

Show them how to save money while shopping. Let them find the cheaper box of cereals or favorite snacks.

Show Them the Value of Savings

Teach them how money can grow and compound over time to meet future goals and needs and let them learn how time will be on their side when saving.

Create Learning Opportunities

Educate them on how making small adjustments to spending habits create bigger and better opportunities in the future.

Set Family Goals

Planning simple family goals together like a vacation will teach them what it takes to make things happen.

Open a Savings Account for Them

Encourage them to put their allowance, gifts from grandparents, family friends and summer jobs into a savings account to learn responsibility while watching their savings accumulate over time.

 

Do it together and have fun.

Posted By: Halton Wealth Management

Posted on November 01, 2019.
Posted in Blog

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