Welcome to Raising Money$mart Kids!
What do YOUR kids know about the value of a buck? If you're like most families, finances aren't often discussed. Some parents feel that talking about money makes their kids feel like they're poor. Others may not know where or when to start to help their kids learn about budgeting or business or banking.
Here at Raising Money$mart Kids, you will find articles on everything from setting up an allowance to running a lemonade stand to helping kids make better purchase decisions. You can ask questions get help from the community.
So, grab a cup of coffee and pull up a chair!
Saturday, April 16, 2011
M is for Mentoring
A few weeks ago, however, it once again hit me that not every child gets such an education. One of my daughter's friends came over for an afternoon. I overheard the girls talking about some new toy advertised on TV. My daughter was talking about how she might save up to buy it. The friend told her to just get me to put it on my credit card. She had totally lost the connection (or perhaps never had it) between money and credit.
Even if your children are well-schooled in money management, likely many of their friends are not. What better gift can you give them than financial knowledge? Take the time to mentor your child's friends. It doesn't have to be formal- and probably shouldn't be but make sure that they overhear you talking about budgets or spending. Have your child talk to the friend about his or her savings and how they grow regularly. Ask them about their own knowledge of how to budget and save. Kids are sponges and will pick up these informal lessons and absorb them.
With little effort, you have the ability to teach not only your own children but others how to be money smart.