You can give your children and grandchildren a priceless asset when you help them recognize their attitude toward money and learn good financial responsibility. Grandparents, parents, schools and now children themselves recognize the need for financial literacy training. But many of us don’t know how to start.
Help is on the way in Beth Kobliner’s newest book, Make Your Kid A Money Genius (Even If You’re Not). Kobliner is one of the nation’s leading authorities on personal finance for young people. This wise and fun book considers ways that your family can foster everyday conversations that will lead to useful discussions on valuable financial subjects.
In the book, you will learn to help your children build financial literacy and a value system toward money. Kobliner outlines a step-by-step guide for parents with kids in pre-school to young adult children. The guidance helps your children build their own sense of control and confidence with money issues.
Helpful age-related examples discuss the value of chores as a part of family life, allowance, debt and spending. For example, when your child starts learning negative numbers, it is a great time to start teaching about debt and how to manage appropriate and reasonable levels of debt. Kobliner recommends including your children in family budgeting projects and letting them make some tough spending decisions. Take your children shopping with you for big ticket items and explain how you plan to pay for them. And remember cash is a better teacher than prepaid credit cards.
Having open and gentle conversations about money at each age will open the door to greater financial responsibility as adults.
With the help of this new and highly praised book, you will start a valuable conversation with your kids.
To read more from HTG about children and money, read our blog How to help Young Adults be Financially Independent and Give the Gift that Keeps Giving.
