Five Immediate Steps to Take
Planning is only half the equation. The other is taking action. Teaching kids about money is not always a linear process so parents need to adjust their plan along the way. The important part is to keep your child interested and motivated as she learns about financial management and planning for the future.
Some immediate steps to take:
- Get your own financial situation in order.
- Determine an allowance structure for your child.
- Have your child track her spending.
- Help your child set short term and long term goals.
- Help your child make one investment.
- Make planning fun.
- Use age appropriate activities as a guide to put together a personalized learning experience in your household.