Teaching Your Child to Budget

Teaching Your Child to Budget

ByKori
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Welcome back to how to raise a money savvy kid! This week, we’re going to talk about teaching your child to budget. Now, if you’ve been here before then you know that I’m a huge fan of making a budget. I think it’s incredibly important. Whether it’s creating a family budget or creating a get out of debt budget, budgeting really helps me to keep my spending in check. Especially with us being a one income family (for now), sometimes we really do have to get creative when it comes to stretching that weekly paycheck. So is it possible to teach kids how to budget? Of course it is! And by learning this life skill now, you’re setting them up for financial success in the…

In part three of our series about raising a money savvy kid, we're going to talk about when to teach your child about money. And believe it or not, yes you can and should start young.

When to Teach Kids About Money

ByKori
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Welcome back to part three of our Raising Money Savvy Kids series! We’ve covered how to teach kids to be money smart, and last week we touched upon why it’s important to teach kids about money. Today we’re going to get into when to teach kids about money. Am I suggesting that you attempt to teach your toddler or newborn? Absolutely not. But that doesn’t mean that you can’t start young when it comes to teaching kids about money. When To Teach Kids About Money You might be surprised to learn that you can start teaching your child about money when they’re two years old. While your child may be older than that right now, it’s important to get started teaching them about money as…

Bank Accounts for Kids

ByKori
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Well folks, here it is- the final part of how to raise a money savvy kid. I truly hope that you’ve enjoyed this series and that it has been of some use to you. Next week, I will be starting a new series about how to teach your (hopefully) now money savvy kid how to save money. This is such an important thing to learn at any age, I think. But when you can start young, even better. This last part of raising a money savvy kid ties nicely into the new series as it’s all about bank accounts for kids.   Bank accounts are part of managing your money. While you probably don’t want to go out and get a checking account for your…

Teaching Kids About Money and Values

ByKori
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So, last week when I posted part nine of raising money savvy kids, I realized that it was out of order after I posted. My mistake! It’s still a valuable post so I left it as is. This week, part eight, is going to cover teaching kids about money and values. Next week will be the final part of the series and then we’ll move on to teaching kids how to save money. I think I have that all straight so let’s get to this next installment of how to raise a money savvy kid. You have your own beliefs about money and they might just differ from my beliefs about money. These beliefs come from your parents, they come from your experience, and they…

Financial Tips for Teens

ByKori
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Welcome to another addition to Raising Money Savvy Kids! By the time a child is a teenager they will have many ideas about money. Some of these ideas, hopefully, will be empowered and smart. Others, not so much. Teenagers seem naturally inclined to take risks in many areas of their life, including financially. Let’s take a look at some financial tips for teens and ideas to help your teenager manage their money more effectively, and responsibly. 1. Save money regularly, even if only a little. Saving a little money from every paycheck (or weekly allowance if you’re still doing that) at this age may not seem to add up quickly, but if you can learn to do this right from the beginning you will create…

Turn Money Mistakes Into Teachable Moments

Turn Money Mistakes Into Teachable Moments

ByKori
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Welcome back to another week of how to raise a money savvy kid! Last week, we talked about teaching kids how to budget and this week we’re going to talk about some equally important money lessons. Money mistakes happen to the best of us. Sometimes we may not stay within our budget or we may get a little too out of control with our credit cards. Whatever the case may be, money mistakes happen. Kids can make money mistakes too, but rather than letting the moment pass, you can turn money mistakes into teachable moments. Money mistakes happen. You think you’re going to have enough and you don’t. You spend more than you have and then have to go without. You get into debt and then…