If you have kids in your life, you may wonder if they ever listen to you, especially during those teen years. However, educating them about money management is important to help prepare them for their adult life and financial responsibilities.
Here are three tips to get you going.
1. Motivate them.
Influence positive behavior by sharing your own savings habits and talking to your kids regularly about how to save. Involve them in discussions about your family budget as this helps to give them the big picture about costs and spending.
2. Acknowledge sacrifice.
Prepare kids to set priorities and make some sacrifices so they can save more by:
- Driving older cars
- Taking more affordable vacations
- Owning moderately priced homes
3. Start them early.
Teaching kids the value of money through real life examples will help them understand how money is earned and where it goes to. Help them set a goal, and open a saving account to track their savings and spending. Of course, the earlier they start, the more they can take advantage of growth over time.