07/22/2025
You taught them how to read and how to ride a bike, but have you taught your children how to manage money?
✅Have the conversation. Many everyday transactions can lead to discussions about money. At the grocery store, talk with your kids about comparing prices and staying within a budget. Show your kids a credit card statement to help them understand how “swiping the card” actually takes money out of your pocket.
✅Let them live it. An allowance program, where payments are tied to chores or household responsibilities, can help teach children the relationship between work and money. Your program might even include incentives or bonuses for exceptional work.
✅Create a budget. Let your kids decide how and when to spend the allotted money. This may help them learn to balance their wants and needs at a young age when the stakes are not too high.
✅Teach kids about saving, investing, and even retirement planning.
To encourage teenagers to save, you might offer a match program, like 25 cents for every dollar they put in a savings account. Once they have saved $1,000, consider helping them open a custodial investment account, then teach them how to research performance and ratings online.
As you teach your children about money, don’t get discouraged if they don’t take your advice, they probably won’t be stellar money managers at first, but what they learn now could pay them back later in life – when it really matters.
