How can parents teach financial wisdom to their own children in a practical way that will benefit them for their whole lives? NBCNewsBETTER compiled a list of tips from money experts.
Kids need tangible ways to understand abstract concepts, so it’s important to not just explain these three money principles, but give them concrete tools to practice them.
“Instead of just having one piggy bank for your child, get three, and label one ‘spend,’ one ‘save,’ and one ‘give’,” says, CPA and founder of the personal finance site Money Done Right. “Any time your child gets money — allowance, payment for completing a task, birthday money, etc., — encourage them to split the money up between all three banks. The key to this being educational is to allow your child to choose how they split the money, as well as what they do with it.
This exercise is not only helpful in getting kids confident in money matters, it provides an opportunity for parents to have meaningful conversations with their kids about money management. “Talk with them about both what they will do with their money as well as how they could have split their money up differently if an appropriate situation arises,” says Allec.”Ultimately, though, the decision should be up to your child.”Tea Nicola"My daughter who is eight understands that there are three buckets of money that she has to keep track of: saving, spending and giving,” Nicola says.
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