Every parent dreams of raising their children to live a financially healthy life, right? The hope is for kids to make better choices than we did. The journey to financial health is one that will be significantly beneficial if started at a young age. This is why Walter the Vault believes that talking to kids about financial goals just makes “cents.” 😉
Children have many wants. They want that shiny new toy. They want that ice cream cone. They want that adorable, fluffy puppy. This is perfectly normal! These wants also grant parents the perfect opportunity to begin their children’s journey to financial health. As kids start to learn the difference between “wants” and “needs” – they will learn the benefits (and necessities) of deciding what to spend money and NOT spend money on.
In the adult world, you may see that beautifully large HDTV and dream about how beautiful it will look on your mantle. This is where financial goal-setting sets in. Do you have enough available money to reasonably buy this TV? If not, you may be tempted to take it out in credit, but this decision may leave you stressed in the future.
Setting financial goals will allow you to create a plan to get enough money to buy that dream TV. And, let’s be honest, smashing that financial goal makes watching a movie on your new TV that much sweeter. This is exactly why talking to our kids about setting financial goals from an early age can be so great.
As your little one’s eyes open wide in wonder at the toy aisle in the grocery store, you can begin the conversation about financial goal-setting. Sit with them and consider the steps they have to take to get the money for their dream toy.
Should they pick up a few extra chores around the house? Should they stop buying candy every grocery store visit? You can even create a chart to help them visualize their goal and see just how far they are from achieving it! Many parents report that when kids have money of their own to spend, they’ll be much more picky on what they actually want to purchase (instead of spending their parents money). This is why some parents choose to give their kids an allowance or a way to make money. When kids are given limited resources to make decisions with, they start to weigh the pros and cons of their spending choices.
Money mastery is a long journey. Starting your little ones from a young age just might have them thanking you later!
With the new year comes a great opportunity to look back on the past year and consider ways to change your life for the better. At Walter the Vault, we believe that the New Year is the perfect time to take a moment and reflect on our financial wellbeing, decision-making, and goals.READ MORE
With Thanksgiving (and Black Friday) quickly approaching, this month presents the perfect opportunity to talk to your kids about saving money, budgeting, and giving. As we prepare for traveling, holiday parties, gift-giving, and extravagantly delicious meals, it can be easy to lose sight of our financial goals and literacy. This Thanksgiving, Walter the Vault is here to help you teach your kids about financial literacy during the holidays.READ MORE
It is no secret that the holiday season is rapidly approaching. It does not help with shipping delays across the country due to ongoing circumstances. The holidays are the best time of year! However, who said that this is the time to spend more than you should?
Christmas is a time where we want to show our loved ones how much they mean by gifting them something tangible and meaningful. Ever wondered how you could properly budget to ensure your Aunt, hair stylist and Mom get something under their tree this yearREAD MORE
image: andrewswd from Getty Images/Canva Pro
Financial literacy should be recognized every day! However, Canada acknowledges Financial Literacy Month in November (and in the US it’s in April!) Financial literacy is a critical part of life, which is why Walter the Vault has begun this mission to help children become money masters. Younger children are picking up on habits that they will be carrying with them for the rest of their lives, which is exactly why we want to instill good financial habits right now! This November, let’s take a look at what it means to have financial literacy- and how you can help your kids gain it!
What Does Financial Literacy Look Like?READ MORE
When your child or teen hits their sibling, breaks something important, or says something mean, it can be tempting to automatically turn to cutting their allowance to discipline them. The issue with this is that punishing your children with consequences that have little to nothing to do with their behavior won’t do much to help solve the issue.READ MORE
Everybody has an opinion on allowances. Your mom may tell you that they are great motivation to get your kids to do their chores. Your grandpa might tell you allowances spoil children. With so many opposing opinions on allowances, how is a parent to make the choice for their child. Will it help or hurt them? How much time will it cost you? Is it worth the trouble? Allowances, like everything else, have their benefits and downsides. In this article, we will be sharing both sides to help you decide if giving your kid an allowance will work for your family.READ MORE
The early years of our child’s life are the years that they learn the most. This is because children truly are sponges. Everything they see and learn about in these early years will stick with them into adulthood from the way they form relationships, their eating habits, and, yes, how they look at money.READ MORE
by Cat Jebaily, 9th grader
This Summer I had the opportunity to participate in a financial literacy program through the Girl Scouts and Morgan Stanley. It was a ten hour workshop teaching us about saving, spending, investing, and credit. The course description was: Money Moves: Financial LiteracyGirl Scouts is proud to work with Morgan Stanley to provide an interactive experience designed to equip future savers, spenders, donors, and investors with the knowledge and tools needed to scout better understand money. Middle and High School-aged Girl Scouts (I’ve been a Girl Scout since 1st grade) will have the opportunity to learn about topics often overlooked in school, such as spending, saving, investing, and giving back. Major themes for the program include: Budgeting, the Importance of Saving, Investing 101, Introduction to the Markets, the Basics of Credit, and Giving Back.
Children these days are more technologically savvy than ever before. Kids tend to use smart devices as early as the age of 3 years old to entertain themselves. The question is, are your devices and accounts secure?READ MORE