Children Money Wise Topics for Parents
It’s never too early to start your children, on practicing good money habits. It’s important to start young so by the time they are teenagers, they will have a good grasp on being financially savvy. Here are a few topics that you can touch base on with your children.
What is Income?
Not all households may give a weekly or monthly allowance and that’s just fine. If you are someone that let’s your children to earn an allowance, sit down with them and explain the importance of income. The whole concept is to show your child that earning money is a necessity. Out of the payment, you can also start teaching them about taxes. Set aside a portion of the earned allowance and put it into a college savings account. Not only will it teach your children about taxes, but it will also be saving for their future without knowing it.
Creating a Budget
Even children can learn to budget for things that they want. Every child has wants, such as toys that they can learn to budget for. Want the new video game or a new Lego set? No problem! That’s where you teach them how much they need to save and can spend to get to their goals. Take your kids shopping with you and show them what your wants and needs are.
Teaching Children at an early age that they cannot get what they what immediately when they want it, will teach them a very valuable lesson as they are older. By prioritizing the needs of your children first will show them that we can’t always purchase what we want before our needs are met. This can be from purchasing school supplies over the newest toy.
The best way to show children how to save is to start small. Saving small amounts over time will not prohibit them from getting other necessities but will allow them to do both. This ties in with their budget learning. Setting aside a small amount of their earned allowance will teach them in the long run that they can save for anything if they just set a little at a time, aside.
Let us help you! We have 3 options for Minor accounts. Sandy Savers/Savings, Checking and College Saver accounts are available. Click Here to Learn More: Youth Accounts
Post author: Kayce Barajas
The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.