April Financial Awareness Month and Educating Children About Money Skip to content
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April Financial Awareness Month and Educating Children About Money

April 4, 2022

As adults, are we being good models of financial stewardship? How can we teach our children appropriate ways to handle money?

Begin with simple steps:

When shopping, teach children how to comparison shop. Teach children how to correctly assess prices.

Share saving plan:

A family purchase should include all family members, even children. Discuss with children how much needs to be saved every week for a particular purchase. Together, chart the savings plan so that children can see a visual of that plan.

Manage children’s allowances:

Give children reasonable chores to earn allowance. Do not give advance allowances (employers do not give workers paycheck advances!) Teach children to live within their means which is a valuable lesson.

Long-term savings goals:

Discuss with children how even a small amount saved can add up over time. Show examples of money adding up over time. Teach children about earning interest and how money grows over time with interest. Show examples of earned interest with a TVFCU Savings Account.

Checking account lessons:

When children have the opportunity to get a checking account, teach them to balance that account. Careful tracking of income and expenses is important.

Make a separation between money and love:

Going into debt for holidays is not wise, and sends the wrong message to children. Discuss your current financial situation with your children so that they can have reasonable expectations.

Let children make mistakes:

Spending can lead to rewards or disappointment. Teach children to spend wisely. Have children think through purchases before buying. Impulse buying can often lead to disappointment.

Money management roles are often learned during childhood and can have lasting impacts. Working together as a family, engaging all family members can teach children the reality of earning income and paying expenses. If everyone in the family is on the same page with finances, there is less stress and hopefully less debt!

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