Raising Financially Responsible Kids

happy hispanic peopleIt is never too early to start teaching kids about saving and budgeting to help them become a money-wise individual throughout their life. The sooner you start to talk with your children about money, the more financially responsible they will be when they grow up.

Starting a conversation about money with your children does not have to be hard. Keep these tips in mind to help start the conversation with your kids.

-When talking about their weekend plans with their friends, ask them how much their planned activities will cost and if they have budgeted for the activities.

-When talking about their future, ask them what they want to be when they grow up. This can help to start the conversation about the cost of college and the importance of starting to save for it early.

-When talking about their extracurricular activities, make sure your children know the cost of each activity. Help them understand that the cost of many different activities can add up fast, so they should focus on activities that they really enjoy to help keep the cost down.

-Help your children understand needs vs. wants. The sooner your child knows the difference between a need and a want, the sooner they will become skilled at spending money to cover their needs while still saving for their wants.

-Open a bank account for your child. Having their own bank account can help them see how their savings can grow with interest.

Teaching your children how to be money wise at a young age can help to ensure that they will have the skills needed to save for the future, which should include buying a house. When that time comes, contact Eastland Escrows in Covina, California for all of your escrow needs.

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