Teaching Your Kids About Finance
Your kids will learn a lot of things in school. While they will probably be able to name more European countries and do more calculus than you by the time they graduate, there is one important area in which their education comes up short: money. To remedy the lack of money information before they enter the real world, use these tips.
- Get Hands On: It is all well and good to tell your kids about money, but (as you know from experience) that is dramatically different than actually using it. To let your kids get comfortable with money in a controlled environment, open up a bank account with a small balance.
- Do It Together: It may not be realistic to ask your kid to pay for his or her own school supplies, but encouraging him or her to take responsibility for purchases is key. Offer a “matching” program when your son or daughter has a big purchase he or she is saving up for to offer incentive. The sooner you can teach your child about the true value of money, the more financial success he or she is likely to experience in the future.
- Make It A Challenge: The next time you grocery shop, take out cash for how much you usually spend. Bring your son and daughter and make it a game (filled with lessons) to buy everything on your grocery list for that amount of money. This will be a valuable opportunity to learn to stay on budget.
In the same way your kids deserve to have a financial education, you deserve to have an educated expert on your side when you are undertaking important financial decisions. To get expert guidance for all of your escrow needs in Covina, West Covina, and the rest of Southern California, contact Eastland Escrows.
