A few tips on how to teach our kids to be financially responsible.
Believe it or not, someday your children will be financially independent and, hopefully, responsible. But it won’t happen without a little guidance that begins with teaching children your financial values says Joline Godfrey, author of Raising Financially Fit Kids. “The first thing we need to know about money in a deep way is what our financial values are, like, living within your means, sharing, making sure you put aside money for a rainy day. Those are our financial values.”
Here’s how Joline suggests getting your financial values across to your kids. “You might say “in this family we make sure we give away money to some cause. In this family we share with the food bank. In this family we live within our means. So it’s always explaining it as \in this family we…’. It’s a way of making sure children understand what the expectations of the family are when it comes to their financial behaviour.”