We are so excited to have her here with us today for another Financial Friday blog series!
3 Steps To Teach Your Kids To Be Money Savvy
Let’s talk about how you can help your kids live successful, prosperous, abundant lives. From a very young age, children become aware of moneyand how it affects the household. It is important to approach the conversation about money with them intentionally and in a positive way.
Even if you don’t have kids, talking about this can help you shift back to when you were young and possibly find the source of your money problems. Most of us carry the same money mindset that was instilled in us at a young age.
#1. Start Teaching About Money When They Start Saying “I Want”
Between the ages of 3-5, kids are going to start saying “I want (fill in the blank).” This is an excellent time to start teaching them that we don’t just get things we want out of thin air, we have to exchange money for them. And…money doesn’t grow on trees!!
Even very young children can begin to learn simple concepts about money and how it works. Make it fun. Get them involved when you are paying for groceries or gas. Get them a piggy bank. Open up an ongoing conversation about money.
#2. Turn Money Into A Game
I like to betransparentwith my kids about money so that they can have an accurate vision of what it looks like. I lay the bills in front of my kids and show them how much income we make and how much it costs to run the household.
Then, I like to make it a game. Instead of just yelling at them about keeping the refrigerator door open for too long, I show them the electric bill and we come up with afamily challenge… let’s see if we can lower the bill this month. Then I create some sort of incentive at the end if we succeed, like a fun outing or renting a movie.
#3. Keep The Conversation Going In The Teenage Years
Teenagers can be tricky! But it is an important time of life for them to learn about savingand planning for the future. In fact, it’s the last chance you have to leave a lasting impression with them before they leave the nest! Here are the most important things to implement in the teenage years:
1. Set rules/clear expectations
2. Stick to the rules
3. Have them earn some of their own money
4. Budget, budget, budget
5. Set finite financial limits
Set clear expectations. Don’t hesitate to sit down and have real conversations about money. Tell them how much you expect them to save for college, or choose an amount together. Also explain how much you plan to provide for their college years.
You wouldn’t believe the number of kids going into college that don’t understand basic finances and budgeting. Make it apriorityto send your kids into the world with strong financial skills.
What are you doing to help your kids be successful with money? Share your ideas below!
Early in her career, Neale became one of the first female executives at The Chase Manhattan Bank. Later, she became the president of The First Women’s Bank and founder of The First Children’s Bank.
In 1989, Neale formed her own company,Children’s Financial Network, Inc., whose mission is to educate children and their parents about money. Neale is the author of 27 books that deal with money, life skills and value issues and has been honored with a #1 New York Times Bestseller, Money Doesn’t Grow on Trees: A Parent’s Guide to Raising Financially Responsible Children.
Neale was recognized as one of New Jersey’s “50 Best Women in Business” and she was National Winner of w2wlink’s Ascendancy Awards for Business Women.
Drew Canole is a rockstar in the world of fitness, nutrition and mindset, with a huge heart for others and doing his part to transform the world, one person at a time.
As the founder and CEO of Fitlife.TV, he is committed to sharing educational, inspirational and entertaining videos and articles about health, fitness, healing and longevity. He is also a best selling author and the founder of Organifi, an organic, incredibly delicious greens powder, chock-full of superfoods to make juicing easy no matter your busy schedule.
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