2010 Financial Planning: Keeping Money & Family In Sync

By jswesey |January 22 2010| Permalink | TrackBack(0) |512 Views | 1

 
 
 

Since I just had my first baby in 2009, one of the things on my mind when compiling 2010 money goals was how can I make money management part of family activities this year (and beyond)? And how can I do this when my child gets older in a way that she’ll find engaging rather than boring?

 

I turned to Denise LaBuda, an expert at LifeTuner and brains behind the new Web site, Money Wizdom. Denise suggests three things you can do to bring money lessons into family time in simple and fun ways:

 

1. Read books/watch movies that help teach about money.  Sharing stories or great movies with young kids is an opportunity to add a bit of money training, Denise suggests. “We all read books with our kids, so find books/movies with direct (or indirect) money lessons/messages like ‘The Giving Tree,’ by Shel Silverstein or ‘The Grinch Who Stole Christmas,’ by Dr. Seuss. They will offer great things to talk about with your kids.”

 

2. Take advantage of the teachable moments that arise each day.  Think about how you can weave some money training into day-to-day activities like going to the grocery store, piano lessons or getting ready for the next birthday party. “These activities provide endless opportunities to share money values, discuss the ‘how and why’ of money and teach basic concepts and principals to your kids in small bits, over time,” she said.

 

3. Start your kids managing their own money.  A great way to teach kids how to balance saving, spending and sharing their money is to give them some money to manage. “When kids have their own money to manage, the ‘I want it now’ requests stop, they become better at making decisions, learn how to delay gratification and become more aware of the value of things. The key is to give kids money responsibilities commensurate with their developmental level,” she said.

 

Denise reminded me that at the end of the day, money is about choices, and the more you can expose children to those choices and give them chances to practice making decisions, the better their chances for a financially sound future.

 

If you have young kids at home that you’ve been trying to bring into the money conversation and teach money lessons to, let us know what has worked for you in the comments here.

 
 
 
 
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