Teaching kids about the value of money is an important life lesson that can help them develop good financial habits in the long run. It’s never too early to start teaching your kids about money and its value. In this episode, Melissa Fradenburg, AIF, ® shares three tips to help you get started.
- By helping teens understand the difference needs and wants, they can learn to prioritize their spending and make informed financial decisions.
- Setting boundaries with spending but allowing your child to make decisions around money while the stakes are low. Earning money, whether it’s a job or an allowance is so important to developing good money making decisions in adulthood.
- If you want your kids to be financially responsible, then you need to be financially responsible too. Talk to your kids about how you manage your money, and let them see you make smart financial decisions. For example, if you are saving up for a big purchase, explain to your kids how you are budgeting your money to reach your goal.
Teaching Teens the Value of Money – Resources:
- Learn more about Pearl Planning.
- Connect with Melissa Fradenburg, AIF, ®
- Listen to Episode 124: Teaching Children Financial Responsibility Through Chores.
- Blog post from Pearl Planning, The Three Money Conversations to Have with Your Kids.
- Read article on Mistakes Parents Make When Teaching Kids About Money, by Warren Buffett.
- Listen to podcast Episode 87: How to Talk to Your Kids About Money with Jackie Fradenburg.
- Read the book The Gift of Failure, by Jessica Lahey.
Links are being provided for information purposes only. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.