Raising Financially Savvy Kids

CWT Blog | Raising Financially Savvy Kids

Do you remember when you were a kid and your parents said no to all of the toys you pointed out at the toy store or at your local Target? While the struggles of teaching your children about money can be overwhelming at times and might seem hopeless, those struggles can be avoided if you start teaching your kids about money at a young age. Keep reading for some great ways to implement money-savvy techniques into your children’s lifestyle!

Talk About Money EARLY

It is never too early to start teaching your children about money. Did you know that 50% of all parents are reluctant to discuss money with their kids? Money is a complex topic, as we all know. However, if you start teaching your children about money early enough, they will be able to learn the true value of a dollar. Prior to introducing the concept of money, it is best to start with coins and cash rather than credit and debit cards. When they are able to count is a great opportunity for them to start learning about money. Because habits develop over time, beginning the learning process about finances is best when started at a young age.

Give an Allowance

Some parents are all for giving allowances, and some are totally against it. Giving an allowance is a great way to start introducing the ideas of saving money and being aware of money. Being aware of money means that your children will grow up knowing that things cost money, and saving money should be a priority. Being aware of money also means that your children learn how to learn the difference between things they want and things they actually need.

Teach Your Children to Track Their Spending

​Tracking your spending is one of the key ways to learn about your own personal money habits. For kids, this might be one of the hardest parts about money. Accountability is not something that all children are able to grasp, so teaching them to keep track of their spending and saving at an early age will help them as they grow up when it comes to the concept of money, as well as any future job they may have!

While the topic of teaching your children about money might seem daunting, there are numerous ways to incorporate money lessons as they grow from adolescent to teenager and finally, to an adult. Starting your children on the concept of money at a young enough age will help them learn the value of a dollar, how to spend, how to properly save, and how to prepare for their financial futures.

We don’t want you to be in the dark when it comes to your finances. If you’d like to know more about the services that we provide here at California Wealth Transitions, contact us today!