Financial Sense August 02 2015, 0 Comments
Teach your child how to handle his/her money. All kids need to know how to do this and the sooner you get them comfortable with it, the better decisions they should make.
When I go to the bank with a transaction that involves my kids' money, I let them handle it. If they are making a deposit, they count out the money or sign the back of the check. They get their account number ready. I stand right beside them and listen to what is going on and help them, but they are interacting with the teller.
They ask to make a deposit and submit the check or money.
They key in their account number.
They make sure the deposit is correct.
They are going to need to know how to do this "some day" and I think kids have a sense of satisfaction when they learn how to do "grown up stuff".
I think it is important to discuss with your child three things about money while they are young.
Some money is spent on things you want or need. Be careful to know the difference between a want and a need.
Some money should be saved.
Some money should be given to those less fortunate.
There are a lot of teachable moments with kids and money.
what one nice thing will you do for yourself today?