5 SIMPLE & HELPFUL MONEY LESSON TIPS” FOR PARENTS: 1. Take advantage of everyday teachable money moments. – Trips to the grocery store, getting money from the ATM, and planning family vacations are just a few examples of opportunities for parents to reinforce financial lessons. 2. Set a GOOD Example – Parents should not only teach the core financial concepts but also [demonstrate good financial habits] through their own behaviors. 3. Help your kids set “specific savings goals” – With kids wanting to know how to save more, parents can help them set both short-term & long-term goals that provide an incentive to save. Help them become Responsible Spenders & Strategic Savers (they are the future investors!). 4. Don’t be afraid to talk openly about finances – Although parents don’t have to reveal everything, openly discussing family finances will make it more likely that kids will learn and share financial lessons (and help them understand that the topic of money is not taboo). 5. Learn together with your child – Fun activities where parents learn alongside their kids can be a welcomed shared experience, especially for topics such as inflation, diversification, and asset allocation that parents say they do not understand as well. --- Source: T. Rowe Price. “Five tips for helping kids learn money basics and develop better financial habits.”
Posted on: Fri, 16 May 2014 00:00:35 +0000
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