Kids and Savings
How do we help our kids understand the value of money? With credit cards being the norm, it’s becoming a challenge. So many people are using credit cards, myself included, especially for the points and earnings. Like so many things in life, keep the conversation simple and age appropriate. Make it into a game. Let them get involved in making “money” decisions.
You can help them learn how to save by giving them a specific amount and guiding them to put a portion aside for savings, spending and donating.
My 8 year old loves to shop, not always for her. I have found one of the best lessons has been allowing her to spend a specific amount of money at one of her favorite stores, 5 Below. Before we even step foot into the store, we talk about how much she has to spend and what she’s looking to purchase. When we get into the store, we go over the amount she’ll have and start to shop. It’s a great way for her to use her math and reasoning skills.
They are never too young to learn this important life skill. It can help them in the future as they begin to earn their own salary.
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Miri Upton is a dedicated Financial Adviser, working with individuals, families, and business owners to organize and simplify their financial lives. With a focus on education and empowerment, she is passionate about providing tools to help fulfill their hopes and dreams. Miri currently holds Series 7 & 66 Registrations, Life, Health & Accident Insurance Licenses and have received the CRPC® and CRPS® designations. Whether your goals are to save for retirement, education, estate planning strategies, or risk protection, Miri can customize a strategy for your specific needs.
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