There are plenty of skills in life that are learned the hard way. Money management doesn’t have to be! Unfortunately, we can all reflect upon a time when a credit card balance seemed out of control, a large purchase we made felt coerced, or when we asked ourselves that age-old question, “where is all my money going”?
Imagine going into financial decisions with knowledge far beyond your years. It may not be feasible for those of us further along in our financial journeys, but we can certainly try to make the next generation’s experiences better. The best way to prepare for success is to understand money and feel confident in money-related decisions.
It may not seem like the most fun topic to discuss, but it can be a casual conversation and is truly a life-changing investment. Instead of a passive attitude towards kids and their finances, we can take charge of the conversation without making it boring or scary.
Many can recall the exciting times of opening birthday or holiday cards with cash gifts or checks from a generous relative but there are so many opportunities to make another teachable moment.
Psychologically, earned money feels different than gifted money. Children have the opportunity to learn an array of life skills through proper money management. Saving leads to purchases made where the child can feel proud of their accomplishment. This can also lead your child to treat purchases with care as they now know the value of a dollar. The confidence gained by learning about finances can keep kids from feeling pressure or anxiety in financial situations later in life.
So, start the conversation and start getting kids comfortable talking about money. Ask us about the opportunities we offer to help you start the conversation with your kids!
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