Tips for Teaching Kids Financial Responsibility
- August 29, 2018
- By: Greenpath Financial Wellness
ON DEMAND – VIEW NOW: Too many children and teenagers are not taught the importance of spending and saving. Educating your child about finances plays a critical role in forming a healthy attitude towards money, as they grow into adults.
Remember, it’s never too early to start teaching kids about money. Good skills, that are learned at an early age, can have a lasting impact on the rest of your child’s life.
In fact, this is one of the most important areas where you can truly change the course of your child’s life. By educating your child about finances you are setting them up for long-term success.
Financial literacy for kids can also be a fun activity for your family. Children will learn from your example. So telling them about budgeting and saving is important, but it’s much more impactful if they see you following a budget yourself.
Educating your child about finances will help them build healthy spending habits for the future and help them learn how to weigh important financial decisions and understand the possible outcomes.
It’s important to encourage your child to wait at least a day before they purchase anything over $15. This approach will give them time to weigh the purchase choice and also re-evaluate if the item is something they truly want. This way they’ll be able to make that money decision with a level head the next day.
Watch the webinar below for some helpful tips on how to set your child up for financial success.
Tips for Teaching Kids from GreenPath Financial Wellness on Vimeo.