5 Money Lessons For Parents. (And Their Kids.)
Whose job is it to teach children about money? Yours.
If you’re a parent, it’s best to assume that your kids won’t learn about saving, investing or spending money in school. The Council for Economic Education reports that only 17 states require some type of personal finance class in high school. And according to Champlain College’s Center for Financial Literacy, only five states earned an “A” for teaching students the basics of budgeting, borrowing, paying bills, building credit and investing: Utah, Virginia, Missouri, Tennessee and Alabama.
Maybe someday a nationwide financial literacy course will be instituted. But until then, you’re the only teacher your child will ever have on the subject of personal finance. So it’s up to you to discuss money matters, reinforce good habits and, of course, set a positive example.
Ready to be the best teacher you can be? Here are 5 ways to nurture your children’s financial literacy.
Money Lesson #1
Talk about money at home. Silence sends a message that money isn’t important, or that it’s something to fear. Show your kids the monthly bills – and how to pay them.
Money Lesson #2
Pay yourself first. The first bill you pay each month should be to yourself. Explain to your kids that it’s important to save, and not spend every dime earned.
Money Lesson #3
Real-world budgeting. A prepaid debit card can teach kids how to use money in the real world. They’ll learn how to respect the spending amount you set for them.
Money Lesson #4
Home school investing. By age 12, you can introduce your kids to the stock market. Pique their interest in watching how a favorite brand like Disney (NYSE:DIS) performs.
Money Lesson #5
Take what life gives you. Leverage everyday situations to teach your kids about money. Encourage them to set money aside for a family vacation, help set the grocery budget, or determine the best use of your family’s tax refund.
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