Tuesday, August 2, 2011

Financial Planning For The Future.


Let's face it. Money makes the world go round. It's a necessity to meet the needs and wants in our society. So that means everyone should have money management skills, including our kids! The sooner our kids learn about money management the more likely they are to develop good judgement about money use and hopefully grow into responsible adults.

Take my 5 year old daughter for example. We have made it a point to teach her about saving money even at her young age. Birthday money, allowance and miscellaneous money all go into her piggy bank. We explain to her that this her money, and she can do whatever she pleases with it, but the more money she has her "bank" the more she will be able to afford. Because of this she has learned that saving her money for one big reward is better than spending on a few frivolous things, so when she does reach her goal--the prize is even sweeter.

When talking to your kids about money it's also important to realize that what they observe is sometimes more important than what you tell them. I remember hearing a financial planner once say that if your kids hear you stress or fight about money that it can potentially have a negative effect on them. In other words, what they see and hear influences the attitudes and values they develop. So in our house we try our best to discuss money issues at appropriate times when the little ones ears are not around.

Another smart way of involving your kids in money talk is to take the opportunity while doing something fun like playing store and teaching them the difference between items and their value, or having a family game night playing monopoly. These are simple opportunities you can use to instill good money habits in your kids.

Whatever or however you decide to teach your kids the value of money, remember that it's never too early to give them a good head start on financial planning.

Need more tips?

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Disclosure: Compensation was provided by SunTrust via Glam Media. The opinions expressed herein are those of the author and are not indicative of the opinions or positions of SunTrust.

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