Kids and Money: Which Financial Lessons Parents Should Teach?

Today we'll look at how you can teach your kids to be financially savvy!  Teaching Your Kids About Money One of our responsibilities as parents is to teach our kids essential skills they need and finances is part of that.  Good or bad, if you look at how you handle finances, you'll probably see the impact your own parents had on you.  Our example is a crucial part of teaching them, but we also need to consider those conversations we have with our kids.  What lessons are passing on to them? How can we guide them to not just be financially savvy, but also thoughtful with how they use their money?  It's something we talk about from time to time. Our two daughters are now ten and seven. They've had their allowance for a few years and overall they're getting the hang of it.  Now we're trying to figure out how to approach other financial topics like budgets and investing in a way that's engaging to them.  Thankfully there's some really good resources out there that can make those conversations easier.  In this episode, we'll get into: Creating a flexible game plan of topics and when you want to introduce them to your kids Discuss some of the big questions parents have about allowances How to introduce them to the family budget There's a lot to cover, so let's get started!  Resources to Teach Your Kids about Money If you're looking for ideas and resources to prepare your kids to be money-savvy, here are some to check out!  Best Budget and Money Apps: Personal Capital, Tiller, Mint Grab Your Copy: Jumpstart Your Marriage and Your Money How to Teach Your Kids About Money (w/o Being Boring!) The Opposite of Spoiled: Teaching Kids about Money (and More) Cash Crunch Junior: Have fun while learning about money with this board game!  FamZoo Goalsetter If you want to chat some more about creating better money habits, questions, or share your own tips please join us over at Thriving Families on Facebook. Thank You to Our Sponsor Coastal! Support for this podcast comes from Coastal Credit Union! If you're living in the Raleigh Durham area and looking to bank better, come check out Coastal today. As a credit union, Coastal serves its members first including an annual loyalty bonus. We've been members for years and love their service and competitive rates on checking and savings accounts! Rollover Your 401(k) Easily with Capitalize We're grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier.  Did you know that it's estimated that there are currently over 24 million "forgotten" 401(k) accounts? In fact, the average American changes jobs every 4 years.  And because of the Great Resignation, you or someone you know might be changing jobs even more  It's an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with? One huge benefit with an IRA is you get to choose how your money is invested, not your old employer.  If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.   With Capitalize, they handle the process from start-to-finish – for FREE. They handle the process from start-to-finish, and yes that includes calling the 401(k) provider on your behalf.  Find out how and get started today!  Photo by Pragyan Bezbaruah from Pexels.