How To Teach Your Kids About Money
What You Will Learn In This Podcast:
Jennifer Mendez is the branch manager at Insight Credit Union. While most parents know that they need to teach their children to be fiscally responsible, doing it can be a tough challenge. In this podcast, Jennifer and Cory discuss a few tips on how your kids can keep, invest, donate and save their money to help them develop into responsible adults.
Items Mentioned During The Podcast:
- When thinking about saving or teaching your kids about money, think about the acronym KIDS. Keep, Invest, Donate and Save.
- Insight Credit Union is a non-profit credit union located in Central Florida. If you happen to live in that area or one of the several counties throughout Central Florida that they serve, visit a local branch today! You can find Insight online HERE.
- When talking to your kids about saving money, have them visualize something that they might want long term. It could be a doll or a trip somewhere or a big toy that costs lots of money. While it is hard for them to understand saving for the future, having something to visualize will hep get them into the practice of saving for the long haul.
- Give your kids weekly assignments and compensate them for doing them. Kids should earn their money if possible, not simply given an “allowance.”
- Encourage your kids to go outside and play rather than always looking at a computer screen. This is something that you can reward them for.
- Consider giving your child the final few dollars they need towards the toy they want, but only if they are a few dollars shy and only if they have shown good behavior for a while. Explain to them that you are so proud of them for their wonderful behavior and that you are happy to loan them a few dollars to help them achieve their goal. Conversely, if your child has displayed poor behavior, talk to them about why you are unable to help them with the final few dollars. Tell them that they need to keep trying and saving or have positive behavior so you can consider helping them in the future. It’s not a punishment. Think of it as a learning lesson that will give them responsibility for their whole life.