Five Financial Steps for Children | Wiser Divorce Solutions

FINANCIAL LITERACY

Five Financial Tips for Children

Andrew Hatherley, CDFA®

October 31, 2017

Watch this fun 4-minute commentary with personal finance expert, Andrew Hatherley, on Las Vegas FOX5 MORE show, and then check out the tips below to help teach your children good money habits!

Here are some great tips to teach your children about money!

Give children an allowance.

Giving your kids an allowance begins to teach them to handle and value money. An age-appropriate allowance may be $1.00 a week for each age year. For example, $6 per week for a six-year-old; $12/week for a 12-year-old.

Use clear savings jars.

Using a clear jar rather than the old-style piggy bank enables your child to see money accumulating. Use several jars – one for short-term saving such as a candy bar or toy, one for long-term saving for bigger items such as a bike or vacation, and one for giving.

Use savings incentives.

Encourage your child to save money by offering savings incentives such as giving them a dollar for every five or ten dollars they save. Just like an employer matches funds you place into your 401k plan, you can help your child desire to save.

Lead by example.

You are the first and biggest role model for your children and can pass on attitudes about money and saving to your children through your example. Avoid large shopping sprees, spend responsibly and let children see you save for larger items.

Help your child open a bank savings account.

Opening a savings account at your local bank helps children to feel responsible and can develop a great attitude towards money and saving. It can really make them feel grown-up.

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Andrew Hatherley is NOT AN ATTORNEY AND DOES NOT PROVIDE LEGAL ADVICE. All information he provides is financial in nature and should not be construed or relied upon as legal or tax advice. Individuals seeking legal or tax advice should solicit the counsel of competent legal or tax professionals knowledgeable about the divorce laws in their own geographical areas. Divorce planning is a fee-only process that does not involve investment advice or securities or insurance transactions.