5 Financial Tips for Your Kids to Follow
Whether your kids are headed for college after the summer or out of school until fall, now is the best time to teach them some financial habits that will last a lifetime. New Era Debt Solutions reveals the best financial tips to teach your kids this summer, giving them a foundation for success when it comes to saving and spending money.
Find a fun and valuable job.
One of the best ways your child can learn about financial responsibility is by finding a job. Depending on their age, there may be some limitations on where they can work, but there are plenty of easy ways to earn extra cash over summer. Your younger kids can do something as simple as setting up a lemonade stand in the front yard or helping out neighbors maintain their front yards. Your college-bound kids and young adults can easily find a job at malls or restaurants to make some extra summer cash. These types of jobs are a great learning experience, but also teach your children just how much time it takes to earn a dollar as well as how quickly they can be spent.
Create a game for personal finance.
Games are a great way to encourage your kids to think about money and help them understand the value of a dollar. Create a competition within your family to see who can save the most money over the summer or design a savings plan to reward everyone with a vacation at the game’s end. Each member of the family can contribute to the vacation and your kids will understand how long it takes to work hard for something rewarding!
Use more cash.
In today’s world, it is effortless to swipe a piece of plastic in exchange for goods or services. The physical touch of a dollar bill can have a greater impact on your child’s financial thinking, as they will be able to visually see and feel their dollars. When their money gets spent, they will be able to understand the decrease in their funds better than if you just hand them money each week. Digitally managing your money is easy and convenient, but a lesson could be better learned through seeing the bills in real life rather than looking at numbers on apps or online.
Make a list and budget.
Tell your children to make a list of the things they really want. They must learn how to save their money before they can buy those things. You can also teach them about how other expenses that are “needs” must precede “wants.” For instance, groceries are more important than a new game that was just released. This gives you an opportunity to help them better understand life’s daily expenses.
Think about investing.
You may understand the importance of investing in your future to have a rewarding and relaxing retirement, but it is crucial for your children to grasp this as early as possible. Teach them about how money is important for now and later, especially if your child does not want to work through retirement. The earlier your child starts saving, the better.
Are you struggling with debt? New Era Debt Solutions has settled over $200,000,000 of debt since 1999. We want you to be our next success. Contact one of our friendly counselors for a free consultation today. We will guide you to the debt reduction option that fits your needs and budget.