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We’re here today with our financial expert from UFCU, please welcome UFCU Financial Health Program Manager, Monica Munoz Andry.
Today, Monica is here to talk to us about raising money-smart kids.
What are some of the challenges that parents often face when teaching their kids about money?
A lack of time and lack of confidence in their own money management skills are often two top reasons parents find it difficult to talk to kids about money. Don’t let these things deter you. You can teach kids about money by:
How can you introduce kids to earning Money?
In order for kids to learn about using money, they have to have access to it. This is a great way to teach them that income is limited, and not growing on trees so to speak. Because so many of us use debit cards, the tangible loss felt when your cash is gone is a foreign thing to our kids now days, all they see is the swipe and not the mechanisms behind it. Helping kids understand that income is finite is a great place to start. Common ways that parents introduce kids to earning money is by:
Okay, so now that they have access to money, how to you teach them to use it?
Creating a spending plan is a great way to teach kids that spending should be controlled, and that some income should be saved.
How can we teach our kids to be savvy consumers?
By using everyday teachable moments, you can teach your kids important financial skills to navigate life.
Again, we’re thrilled to have UFCU representative Monica share financial advice with us, regarding raising money-smart kids.
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