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Teaching Kids About Finance

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Teaching Kids About Finance

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American Financial Solutions understands that the future is in our younger generations hands. Take a look at ways to keep your little ones interested in financial planning for their future!!

American Financial Solutions understands that the future is in our younger generations hands. Take a look at ways to keep your little ones interested in financial planning for their future!!

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Teaching Kids About Finance

  1. 1. TEACHING KIDS ABOUT FINANCE Teaching your children about financial responsibility and budgeting is one of the most valuable lessons a parent can pass on to their kids. In addition to enjoying some all-important quality time, you’ll be preparing your kids for a lifetime of responsible saving and spending. Take advantage of some of these fun and easy tips to help make learning fun and easy for your children!
  2. 2. INCLUSIVITY The first step to exposing your kids to good financial habits is to let them see it firsthand. Many parents believe money should be kept away from a child’s curious eyes as it’s considered more of an “adult” concern, but showing your children how you budget can establish a more grounded perspective of money. Whether you’re paying bills or investing in the stock market, letting your kids peer over your shoulder allows them to ask questions and learn about money management.
  3. 3. HANDS-ON PRACTICE Once they’ve seen you work with real money and have a basic grasp on mathematics, they’re ready to have some real practice. Create pretend situations for your child to navigate with a particular amount of money. Use this game as an op- portunity to teach vital monetary lessons such as saving toward a goal or paying bills. If your kids achieve their made-up goals during the game, reward them. A little candy goes a long way in teaching positive habits.
  4. 4. PIGGY BANKS Everyone comes across some spare change in the seat cushions or parking lot at one point or another. Give your children a place to store all that pocket change. Piggy banks come in fun shapes and sizes and provide a visual cue to entice kids to save their money. Try setting a deadline for your child. Every month, for example, you and your child can count the accrued change in the piggy bank and either spend it on whatever they want or save it for a larger goal.
  5. 5. SAVING WITH PURPOSE As children grow older, candy rewards may no longer satisfy them. They may want a new doll, cool shoes or a football that requires more targeted saving than a mere candy bar. At this point, your child is ready to learn saving discipline. Give them an allowance and teach them to save their money wisely in order to purchase what they want. Be sure to emphasize that it will take time, but they can purchase the items they want all on their own.
  6. 6. FINANCIAL COUNSELING AND MANAGEMENT SERVICES IN SEATTLE, WA Financial responsibility starts in childhood. Ensure you have all the lessons and tools you need to pass on positive money habits to your children by establishing them in your own life with the help of a financial counselor. Whether you’re interested in consolidating your debt, dealing with your student loans or want some assistance purchasing your first home, the financial experts at American Financial Solutions can help you reach your fiscal goals. To learn more about our financial counseling and management services, call 888-864-8548 today!

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