6 Steps To Raise Financially Responsible Children: Step 1

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Setting Expectations for Different Ages

As a parent, you have the opportunity to custom develop a learning environment that is suitable to your child’s age. Not all children advance through developmental stages at the same pace. So what might be appropriate to teach the average eight year old could be learned and practiced by your unique six year old. Only you will be able to assess what money concepts and activities are appropriate for your child and determine if they are able to successfully put into practice what you taught them.

Later in this seminar we will give suggestions of learning concepts and activities by age. Keep in mind that you should start with the easier and fun tasks first to get your child interested in the new activity. You want to keep you child excited about learning about money, since it is something they will have to manage their entire lives. Their first experience with it should be rewarding. Later on, as they progress through the learning phases, you can make the activities more challenging.

Don’t expect miracles overnight. Regardless of your child’s age and development scale, good habits take a long time to develop. If you manage your expectations appropriately then your child will have a better experience overall. Take your time learning about these nuggets of information. There is no rush to learn everything in one day. This seminar is meant to open your eyes to the issues of financial literacy in order to inspire and motivate you to embark on a learning journey with your children throughout their development years.

Below is just a preview of some money learning objectives by age that will be addressed throughout this seminar:

  • Ages 3 – 5: Start talking about money and showing them how much things cost. Have them start making choices about buying small items.
  • Ages 6 – 7: Introduce an allowance. Give them money every week and help them to start setting short-term goals.
  • Ages 8-10: Take a trip to the bank and help them open up a checking account. Explain the power of interest and saving for the future. Think about setting up a savings matching plan to help them achieve their goals quicker.
  • Ages 11-14: Help them find paying odd jobs outside the home. Help them set long-range goals. Explain taxes and the law of supply and demand. Incorporate the media into their lessons, such as newspapers, magazines, Internet and TV.
  • Ages 15 – 18: Help teens develop more independence. Support their savings strategies with their jobs. Teach economic lessons. Help them assess job opportunities, standards of living and major life purchases. Show them financial planning software.
 
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