Get Your Children 'On Board' With Money

As a parent, not only do you need to focus on your finances, but you also need to take time to focus on your children and their understanding of money. Therefore, now and in the new year, make time to invest in your children!

Teaching Your Children About Money

This time of year, your children are seeing you spend more of your money than usual. As a result, your children might be thinking money literally falls from trees! Bring them back to reality by not just telling them but showing them how a budget works. For instance, show them how you have set aside a certain amount for holiday gifts, while also making sure that all bills are paid. You can even give them a certain amount of money and let them create their own budget for the presents they want to purchase. It can help them see the reality of how much things really cost.

Remember, you can find money lessons everywhere! Are you going to the bank to deposit a check? Let them help you fill out the form! Did you just receive a bill to pay? Demonstrate how to pay your bill online and how to deduct the amount from the checkbook. Explain that when the balance gets to a certain point, either more money needs to be made or less spending needs to occur. You can also show them how when a paycheck arrives, a certain percentage goes into a savings account for a rainy day.

The learning should never end when it comes to giving our children the knowledge they need to make positive, financial decisions. Check out our website to receive additional tools through our financial resource, “Pocket Cents”!