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Kids learn about money from a young age mostly by watching how their parents interact with money. Itâ€™s crucial that married couples are on the same page with regard to finances, as this will allow them to mutually reach their financial goals quicker. And for those with kid, they are watching you and listening to your conversations (and arguments) over money. I recall observing many money conversations as a kid, and I also quickly learned the value of money. If you have stress and anxiety over money, chances are your kids will pick up on that and develop a negative view of money. If you have peace around money (which should be everyoneâ€™s goal), then your kids will pick on that and have positive views around money.
As we wrap up America Saves Week, I want to challenge those of you who have kids to do all that you can to instill in them the importance of saving from a young age. There are many resources for kids, teens, and college aged students to help them get a solid foundation regarding money and personal finance. The younger you start, the more likely they will develop positive habits that can shape them for life. Here are a few such resources:
- Money A to Z (kids)
- Teens Got Cents (teens)
- Student Loan Hero (college aged)
- Millennial Money (young adult)
From a young age, I recall my parents teaching me two principles; saving and giving. We were given an allowance and when we wanted certain things (somehow I recall candy was on my list), we had to use our allowance for them. They also taught us the importance of saving up that allowance to get something that cost more than our weekly allowance.
As far as giving, my parents didnâ€™t ask us to give out of our allowance, but rather they would give us money to put in the offering at church, as a way of getting us into the practice of giving.
I also learned the value of hard work, and had side hustles from the age of 8 and had my first â€œreal jobâ€ at the age of 14. I am thankful for the many lessons I learned as a kid as they are still a big part of my financial world today.
This is my last post for the America Saves Week campaign, which is an initiative of the Consumer Federation of America, with a goal of encouraging and inspiring Americanâ€™s to save. I encourage you to look at the posts from the past 5 days, as we covered many topics. As we close, we are offering the Fiscally Sound audience an opportunity to win $100 simply by taking the America Saves Pledge. In addition, you can enter to earn up to $750 by telling your savings story and sharing it via social media. What better way to start your savings plan than by winning money? Click here to take the pledge and learn about the contest.
If this has inspired you to make savings a priority for your family, Iâ€™d love to hear about it. Feel free to email me or simply comment below.
Wishing you a prosperous savings journey!