Financial Literacy and Money Management for Youth
“One of the important life skills that parents need to teach their children is basic personal finances. All parents teach their children about money, whether intentionally or not.
That’s because children hear how parents talk about money, credit cards and bills and see their financial behaviors, too. So it’s important for parents to model good financial practices for their children. Non-profit Credit Counseling of Arkansas (CCOA) has these additional tips:
Share teachable moments with your children whenever the opportunity pops up, such as comparison shop together for an item or mention how you are saving to buy something you want versus simply charging it.
Teach your child that money – just like our time – is a limited resource, so it is important to put needs, such as paying utility bills, ahead of wants, such as buying movies or music.
Give your children an allowance so they can learn to spend, save and give. Children will make mistakes with their money and that’s okay; we can learn from our mistakes. A $5 money mistake now could prevent a $50 mistake years later.” Keep reading.