Nolan Accounting Center

 

4262 South 108th Street

Greenfield, WI 53228

 

Phone: 414-425-5690

Fax:     414-425-2373

 

Website: www.nolanaccounting.com

October 2020

Raising Money-Savvy Kids

Raising Money-Savvy Kids

Basic money management isn’t taught in school. So, it falls on parents to teach kids about money. Use these tips to help your kids learn the value of money.


NO MONEY TREES
Teach your kids that money doesn’t grow on trees—it’s earned. Likewise, teach them to earn and save up money for things they want. Don’t be their money tree every time they want to buy something.


WORK AND SAVE
Every kid should have expectations for being a responsible family member. Homework, picking up toys, grooming and maybe something like emptying the dishwasher each day. Beyond that, make a list of age-appropriate chores that they can do to earn money. Mowing the lawn pays $10 while taking out the trash pays $1. Let them decide what they’re willing to do to get that new toy.

INVESTING BASICS
For older kids, teaching them that saving money isn’t enough. Teach that investing is just as important. Explain the basics of the stock market, bonds, bank accounts, charge cards and short versus long term planning. Make sure they understand the concept of time and money and eventually house down payments and retirement savings. When they start working, they will need to understand the concept of income taxes.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.