Raise your children to become financially savvy adults

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If you want your kids to learn the right habits, you should teach by example. If you are so inclined, you can do your monthly budget with your kids, and show them where the money goes in a financially healthy household. PersonalFinance MoneyLessons

Being financially savvy, budgeting and responsible saving are all skills that you can learn at any stage of your life. As many financial advisors love to say, it is never too late to start being financially responsible. Still, there is massive advantage to understanding money from a young age, and cultivating the right financial habits early on in your working life will make it much easier to become financially prosperous.

Introduce them to investing Just as important as saving, it is vital that kids learn how money can grow with the right investment. Again, it is best to turn investing into a game. Add rewards to your kids savings based on how long they manage to keep their money in their savings jar. Teach smart spending In the same way that you teach your children about delayed gratification when saving, you should also be guiding your children regarding how to best spend their money.

 

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