Even if your kids are far from adulthood, it’s a good idea to teach them at a fairly early age the staples they’ll need when they’re all grown up and out on their own.
Otherwise, you could wind up with a panicked phone call from your adult child later on (when they’re clueless) on how to perform even simple tasks such as drawing money out of the bank. Teaching life lessons now, such as how to manage money, will lead to functioning adults later on.
Here’s some tips to help you educate your child and at what age it’s appropriate:
Ages 14 and up:
Whether you know it or not, YOU are your child’s biggest role model, and your son or daughter is likely to imitate the things they see you doing. For that reason, if you want to teach your child the value of saving by, say, using coupons, it’s probably important to use coupons yourself. It may also be helpful to draw extra attention to your use of coupons. For example, while at the grocery store take the time to find coupon items and point this out to your child.
Getting a little creative with how you choose to teach your son or daughter about the value of money and about saving money not only is a great way to bond with your child, but you will be teaching them an important, life-long skill.
Thankfully Genworth Financial offers a budget calculator (which can also be a helpful tool for you and your child) when trying to estimate your cash flow to cover the “have-to-haves” and “nice-to-haves” in your life— such as life insurance.
Still need a little help yourself in taking charge of your own money? Check out Women and Money: Why You Need To Take Control Now. It’s a great article written for women because being financially savvy doesn’t have to be simply about making more money just to increase your bank account.
© 2013, Dee @ Bella Savvy. All rights reserved.