Take the Financial Lead for Your Children

My dad was the spender and my mom was the saver. Which one are you? Better yet how do your kids see you? Do you talk to your children about saving money, investing money and giving money towards charity? Or do you tell your children to spend because you never know what tomorrow will bring?

The earlier you start to teach children how to manage money the better it will be for them.

Here are some interesting facts taken from “On Investing” magazine published by Charles Schwab

Three steps to help children become financially responsible adults…

Teach them to save. A 2004 study by Angela Lyons of the University of Illinois at Urbana-Champaign found that almost all college students with good economic skills said their parents got them into the habit of saving when they were in pre-school

Give kids financial responsibility early. A 2005 study by Lewis Mandell of the State University of New York at Buffalo found that just doling out an allowance doesn’t make children smarter consumers.

Teach your child by example. Look for opportunities to talk about your own financial decisions with your children.

Final note…get your children involved in financial decisions when purchasing products or goods. Let them know the cost of running a household.