Top 3 Financial Habits to Instill in Your Child

Ah- the power of youth- if we had only known then what we know now, well, we’d probably would have had a few less skinned knees,  saved ourselves some pain throughout the troubling teen years, and probably have quite the nest egg saved up for a rainy day.  The best we can do is try to teach our children basic values and habits (and hope they don’t rebel against us).

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Teaching the Value of Money to a Teen

To some of us, the value of money comes very easy to us, with budgeting coming as a sense rather than a skill. We can sniff out the bargains, do the math quickly in our heads as to the amount something costs per ounce, all while having a running checkbook balance in the upper left corner of our brain. But for the rest of us, we really need to keep accurate records and save every receipt to keep the firm grip on our finances that is crucial to being a responsible adult. These are the values we need to instill in our teens so that they may follow in our footsteps.

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Teaching Kids to Save

Kids and money may sometimes go as well together as well as oil and water. Teaching your children how to save money at a young age is placing time on their side- could you imagine if you saved 10% of all the money that you earned in your life?  How much would you have now? It’s probably pains you to think about this, doesn’t it. Here are a few ways to get your kids on the right savings track to be specialized in savings!

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ATM Etiquette-Teach Them While They’re Young

How many times have you stopped at the ATM to grab some quick cash only to be held up by an extremely “less than courteous” individual who is completing all of their banking, all nine accounts, while you’re standing there patiently, waiting for your chance to take a measly $20 out of your account? Drive thru’s are the same way- as you sit idling your car (as record breaking fuel prices continue to rise) while the person in front of you takes their time, sifting through their wallet and/or glove compartment to find the ATM card attached to the account with more than $.58 in it?

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Allowances - How, When and How Much

Experts will come and go, telling you to give your child an allowance one week and not to the next; to link the money to chores around the house, and then changing their mind about linkage the next.  But no one knows your child more than you do.

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