If you’re ready to start thinking about your finances, we’ve got good news for you: April is Financial Literacy Month. Promoted by the Jump$tart Coalition, National Financial Literacy Month is a great time to evaluate your financial situation and make a plan to reach your financial goals.
There’s only so much you can explain to your little ones about money, especially in a way that they’ll understand.Creating that awareness in them at a young age will help them be a little conscientious in the future.
Help your kids understand saving by letting them visualize it. There’s a reason why a savings jar is so effective! When your kids actually see their savings pile up and get bigger, they might be more motivated to save up.
4. When They’re Old Enough, Encourage Them to Get a Job
If your kid is up for the task, an after-school job is a great way for your kids to learn how to work for their money. Whether it’s working as a waiter, cashier, or simply picking up more babysitting jobs, working will teach your kids financial responsibility and a good work ethic.
You can start them off with something easy, like the 50/30/20 rule. Essentially, they’ll divide their paycheck into three sections: 50% for their needs and essentials, 20% for their savings and 30% for whatever else.
If you really want to set your child up for a successful financial future, explain to them why credit is so important. Explain to them how credit work sand how it impacts their ability to get a loan, credit card and even rent an apartment.