When you can barely find time to take a shower and get some semblance of dinner on the table, how could you possibly have time to dish up a healthy understanding of personal finance for your children? There are never enough hours in the day so here are 5 fast and easy ways to insure a better financial future for your kids.
Talk about money often and early
- Children can grasp basic financial concepts at a very early age
- When the time is right, open a bank account and make banking comfortable, not scary!
Teach them good spending habits
- Make a list before you go to the store and stick to it
- Create a budget for an outing or gathering and engage your child throughout the process
Take them grocery shopping
- This is a great way to show them how to compare prices and familiarize them with receipts and comparison shopping.
Make it fun!
- Playing “store” or facilitating a neighborhood lemonade stand is a great way to take the taboo out of money (and a great summer activity for downtime).
Introduce allowance and chores
- Helping around the house to earn an allowance or picking up odd jobs separate from your weekly chores is a great way to teach the value of money.
Piggybank understands talking about money and personal finance isn’t always easy, but we’re here to help. Visit getpiggybank.com for more useful tips. Follow us on Facebook, Twitter, and Instagram for your daily dose of family finance.