Making Kids Money Masters

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Lessons learned from smart money decisions

June 14, 2013

Walter the Vault offers financial literacy tips to kids and parents. Walter has discussed needs versus wants, used real-life situations to teach kids about money, and suggested earning and saving strategies for kids and teens. Putting all of these money lessons together, children can develop the appropriate skills needed for the future!

Responsibility

Starting to save money and learning basic finance tips at a young age shows a level of responsibility. Witha part-time job, allowance, or learning how to write a check demonstrates how one may be responsible with finances. Creating an allowance for children, in addition to teaching about saving, makes the child and parent equally responsible for actions later in life. If parents teach their children finances at a young age, they will be better informed for the future.

Consumer & Banking Skills

Establishing a budget and putting money away early in life will have positive benefits. Children can learn how to be a smart consumer and banker and learn the early stages of financial education. It is also the parent’s job to be responsible by introducing finances early on in a child’s life. The little things such as using coupons,balancing a checkbook and finances, show positive actions for children to follow. A parent can conveniently address these items, for example, at the supermarket or a clothing store by counting the change along with the child.Taking things a step further, a parent can offer a bonus to a child for figuring out percentage discounts and sales.

Preparedness

Having a child start young and understand the basics of finances can help in the long run.

This is one of Walter the Vault’s key principles for children to become Money Masters. Parents play a large role in shaping their children and helping them prepare for the future. By teaching money skills to children at a young age, children can be empowered to make wise financial decisions later on in life.

Remember, with parents’ help, children can make smart money decisions resulting in lessons and skills for the present and future! What skills are you teaching your children?

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