Our kids already look up to us for so many things, but we know that there’s so much we need to teach them regarding money, savings and being Fiscally Fit. As we were growing up, we watched how adults handled their finances: paying bills, putting money in savings, giving to others and even simple things regarding shopping for groceries. So, what can we do to make sure our children are taught to make the right fiscal decisions when they are old enough to do so?
Here are a few simple tips on teaching your kids about money and as a result becoming their FinFit Hero!
Give them Real work
Remember having chores at home that your parents asked you to do each week? Things like doing the dishes, cleaning the house, doing laundry, mowing the lawn, etc…?
Many Parent’s provide a weekly allowance regardless if those chores are done. The concern here is that kids would be paid for doing nothing, rather than earning their pay – just like real life. Have a list of chores to be done, but also have items on that list where they have an opportunity to earn more. This concept not only introduces them to a commission based system, it also helps encourage a positive work ethic.
Assign Goals with their Earnings
Now that they understand the value of what it takes to earn money, what should they do with it?