Raising Money Smart Kids

Recent Folsom, Granite Bay, El Dorado Hills, and Sacramento Real Estate News Posts

Post Your Comments Published by Patrick Warholic on June 13, 2007 at 12:19 AM.

To be successful in life, our children must learn financial responsibility or run the risk of having them move back into their old bedroom after college...you know, the room that’s now your den. It’s our job to teach them the following rules:

Goals: Saving without a tangible goal in mind is no fun and kids won’t play along for very long. Posting a picture of what they’re saving for near the piggy bank is a great motivator to keep saving.

Pay Yourself First: Teach your children to save a portion of every dollar. Just because they get fifty dollars for their birthday doesn’t mean they have to spend it all.

Allowance: Pay allowance in cash and let them manage the money. The skills learned in managing their allowance will later help them to budget.

Good Role Models: Your child can model your money behavior even before being able to pour their own cereal, so use cash instead of credit cards whenever possible, pay bills on time, include them on making family purchases and take them with you to make savings deposits.

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