Parents with school-age children are filing in as teachers as a result of the global pandemic. Why not add a topic that will help your children propel forward in their financial journey?
In this video I will share 5 simple lessons on dollar and sense that can help your children develop a firm financial foundation:
Lesson 1 – Money isn’t free
- Money is a byproduct of hard work
- There are limits to its supply
Lesson 2 Don’t spend what you don’t have
- When you borrow money in the adult world you pay back more than you borrow
- Use their piggy bank as a tangible example
- Good choices as credit history is important as they build their lives
Lesson 3 – Spend Thoughtfully
- Deliberate with your dollars
- Can I afford it?
- Is it worth it?
- Will I regret it?
Lesson 4 -Get in the habit of saving
- Show how beginning saving done regularly even in small increments helps create a good discipline with money ** Extra Credit – you can talk about the rule of compounding **
- Use the global pandemic as an example of the importance of saving
- We have to plan for the unexpected
Lesson 5 – Money deserves respect
- handle your money with care
- Keep in in a safe place
- Fold currency neatly
Be a good example
- Be a good steward of your money by example to your children
- Don’t be afraid to talk about money with your children
- Make it fun!
