Learning how to handle money is one of the most important lessons we can pass along to our children…and experts say “the sooner, the better.” Linda Descano, President and CEO of Women & Co., a service of Citibank gives these…5 tips for teaching kids about money:
1) Treat everyday activities as teachable moments: For instance, during an errand to the grocery store, you can show children how to plan for purchases, make price comparisons, count money.
2) Show them results: Begin a family fund for a common goal, such as vacation. This allows each member to contribute and get excited about saving.
3) Lead by example: Let your kids watch you paying your bills on time. Save money and demonstrate how you do so. Be a conscious spender.
4) Don’t hide your money mistakes: Most of us have made some. Talk about it and tell your kids how you learned from the mistakes.
5) Allow them to make their own money mistakes: Better now, when the stakes aren’t as high.
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And here’s A BONUS TIP from me:
Take advantage of a free online tool called My Job Chart that teaches kids how to SAVE, SHARE, AND SPEND.
It’s the digital age answer to the job chart that has been tacked to the family refrigerator for generations.
My Mom had job charts for us, I had job charts for my kids (albeit not as consistently as I should have!). But today’s kids are being raised in a digital world and so an online job chart just makes sense. Plus, it makes it easy for parents to assign chores and makes it more motivating and meaningful for kids to do them.
This is how it works! (It’s genius!)
You set up your family at MyJobChart.com. It’s completely free. You assign the jobs and set the rewards.
Then your kids log in, do the chores, and earn points.
Kids USE those points to SAVE, GIVE to charity, or BUY REWARDS that you set.
I actually went through and set up some basic chores for both my boys in less than 15 minutes. The program is VERY easy to understand.
In addition to being able to choose from many jobs already listed, you can also easily add your own jobs. It’s completely customizable so you can add jobs that YOUR kids need to do…which helps establish good habits that will last a lifetime!
They even have mobile apps that make it EASIER for parents and kids to save, share and spend from anywhere!
Parents can assign chores to their kids and manage rewards on the go…and kids can pull their smartphone out of their pocket, see what they need to accomplish for the day, get it done, and check it off!
As a parent I’m grateful for anything that helps make my job easier. My Job Chart is such a great help to teach kids about setting goals and achieving them, which I believe is key in developing motivated, responsible and productive adults.
How to handle money wisely is one of life’s most important lessons and as parents I really believe it’s up to us to teach our kids how to do so.
It isn’t easy and requires persistence, patience and love, but no child should enter adulthood without these skills