Teaching my kids how to read, write, and take care of themselves comes natural. There are so many topics covered in school that we have decided are important to teach our kids. My Twelve year old Daughter asked me the other day, “Am I going to use this in real life?”. That is an excellent question. Some things she is learning in Sixth Grade she will use later. Some…maybe not.
Why isn’t more emphasis put on topics that our children will use in real life? I think budgets, credit scores, investments, and insurance are something that our kids should be taught from a young age. A huge percentage of students graduate High School and have no clue how to take care of themselves financially.
I want my kids to have the knowledge and the power that they need as they get older. I just found this article “Women’s Financial Power Grows Faster than Savvy“. I want my children to be as Savvy as they can, so that they can excel in life.
Some Simple Short Cuts to get started with younger children
- Give them an allowance for helping around the house.
- Start your child a savings account at your local bank to teach them about interest and savings.
- Get them a blank bank register or print one here to help them track their savings.
- Teach children how to budget that money for a goal purchase.
- Allow your children to help you plan your grocery trips and see realistic household costs.
- Help your children decipher the difference between needs, wants, and wishes. So they can make better decisions as they grow.
- Teach them to give! Charity is just as important as saving.
Financial Tips for Older Children
- Help your child make wise decisions with a savings and a teen checking account. Or a pre-loaded debit card.
- Discuss budgets, wise spending, and credit.
- Lead by example….show your children how to be financially responsible by setting a good example.
- Explain the need for Insurance and Long Term Savings plans as they get older.
- Explain Credit Scores to your teenager. Tell them why they are so important and give them pointers how to keep theirs in good standing.
- Look into Life Insurance Plans that will grow with your children that you can pass on to them when they leave home. Genworth Financial is a great place to start.
What are some tips that you have about teaching your kids to be financially savvy?!