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Kids and Money

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Kids and Money

Studies show that the 10 years after leaving school are ‘make or break’ time in terms of kids and money – in this time we either set ourselves up for the future or spiral into debt resulting from unchecked spending on credit cards and unwarranted purchases.

And this is made worse by marketing companies deliberately targeting our vulnerable youth, in the hopes that they haven’t learnt about controlling their spending yet and that they will just buy their products on the spur of the moment.

No one wants to see their children spiral into debt, but by teaching your kids how to manage their money responsibly, you help them set themselves up for life! And it’s never too late or too early to start teaching your children about money.

In fact our kids will learn most of their financial habits by the time they are 12, so the sooner you start teaching them the basics the better!

So here are some things you can do to teach YOUR kids about money:
  • Lead by example - your children watch and learn from you everyday, so where do you think they are going to pick up their money habits? Make it count and show them the right way to manage money.
  • Use pocket money or reward system as a teaching tool.
  • Teach your children the money basics - budgeting, saving, debt and credit.
  • Inspire their entrepreneurial potential and encourage them to THINK BIG about life’s opportunities.
  • Realise that money management is different for kids, tweens and teens!
So remember that kids that start ahead stay ahead – and teaching your kids wise money management is one of the best ways of securing their financial future.

Also check out this great site for kids and money.

Teaching your kids about money is a great way to ensure their success as adults. But there are other success topics we need to teach our children to give them the best chance of a prosperous and happy life – check out this website on raising successful kids.

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Check out this website on Personal financial planning for college students and recent grads trying to find their way to financial independence.

We are not certified financial planners or advisors. The information in this website is general information only. Always consult a licensed financial planner before making any finance or investment decision.

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