Financial literacy for kids starts at a very young age.
In fact from the moment your child first sees you handling money they begin creating ideas of what money is and what it does.
Because the lessons your children learn about money are critical to their financial future, it is absolutely necessary that you become a good role model for your children.
Believe it or not parents you have everything you need right now to help your children become financially responsible.
Here are some ways to take what you already have and become a role model for your kids.
The first thing to do is take an honest look at your financial situation.
Regardless of whether it looks good or bad you can teach your kids.
Here are some things to consider when looking at your situation: Do you live from pay check to pay check? Is saving part of your financial plan? How do you use your credit cards? Are they your primary means of spending? When bills come do you pay part of the bill or the whole bill? Do you have money separated for any financial emergencies? Are you living beyond your means by spending money on things you don't need? Your answers to these questions will help you define where you are and show your children what's good and maybe what's not good.
Remember it's important not to hide but be honest with your children if you want to instil true financial literacy.
For kids it's important to keep the information to the appropriate age level so it doesn't become overwhelming.
Another good idea would be to include your children in the budgeting process.
You can sit down with your children and actually plan the budget for the month.
If you really want to have fun, have them do the budget first without your input.
Give them the categories and how much money you make and see how they would divide the money.
Once they have done that then you can use that as a guide and make your actual budget.
It's important when planning your budget that you include everything you spend money on.
So include things like entertainment, saving, even allowances for your children.
You see parents, financial literacy for kids and being a role model is not about having it all together, but it's really about knowing where you are and where you want to go.
As long as you keep it honest with your children you can be the best role model for them.
In fact from the moment your child first sees you handling money they begin creating ideas of what money is and what it does.
Because the lessons your children learn about money are critical to their financial future, it is absolutely necessary that you become a good role model for your children.
Believe it or not parents you have everything you need right now to help your children become financially responsible.
Here are some ways to take what you already have and become a role model for your kids.
The first thing to do is take an honest look at your financial situation.
Regardless of whether it looks good or bad you can teach your kids.
Here are some things to consider when looking at your situation: Do you live from pay check to pay check? Is saving part of your financial plan? How do you use your credit cards? Are they your primary means of spending? When bills come do you pay part of the bill or the whole bill? Do you have money separated for any financial emergencies? Are you living beyond your means by spending money on things you don't need? Your answers to these questions will help you define where you are and show your children what's good and maybe what's not good.
Remember it's important not to hide but be honest with your children if you want to instil true financial literacy.
For kids it's important to keep the information to the appropriate age level so it doesn't become overwhelming.
Another good idea would be to include your children in the budgeting process.
You can sit down with your children and actually plan the budget for the month.
If you really want to have fun, have them do the budget first without your input.
Give them the categories and how much money you make and see how they would divide the money.
Once they have done that then you can use that as a guide and make your actual budget.
It's important when planning your budget that you include everything you spend money on.
So include things like entertainment, saving, even allowances for your children.
You see parents, financial literacy for kids and being a role model is not about having it all together, but it's really about knowing where you are and where you want to go.
As long as you keep it honest with your children you can be the best role model for them.