3 Steps for Shaping Your Children’s Money Mindset
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Want your children to grow up with good money management skills? It’s never too early to start teaching them how to save and spend.

Children should start learning about money management:
Giving your children an allowance is a good idea.
The best way to introduce your children to the concept of money is:
Teaching your children how to save will:
Educating your children about money should be a priority.

Right!

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The “Special Treat” Challenge

Teaching your children the value of money can be fun and rewarding. Ask your child to think of something they would really like to buy for themselves, within a price range that’s easily attainable. Then help them to save money toward this special treat—whether it’s by stashing away their pocket money or doing extra chores around the house for cash. You’ll be amazed at how much more they appreciate the end goal when they’ve had to work for it.

Session Q & A

  • If you introduce simple financial concepts and relate them to real-life situations, such as paying bills on time, shopping or budgeting your paycheck, you will be able to show your children at a young age how important these seemingly small acts can be.

  • Providing children with an allowance in exchange for household chores or other small age-appropriate tasks gives them firsthand experience and teaches them the value of earning money, not simply receiving it.

  • Maintain good financial habits at home so your children can follow your example and learn how to handle money responsibly.

Patrice C. Washington

Patrice C. Washington makes money educational yet fun with her Real Money Answers financial series. She is a featured columnist, television & radio commentator, transformational speaker and leading authority on personal finance, entrepreneurship and success for women and youth. Patrice’s wisdom on money matters has been featured as a recurring voice by national brands such as NBC, Black Enterprise, The Huffington Post and Upscale Magazine. She is the personal finance voice of the Steve Harvey Morning Radio Show and has shared the stage with him spreading her wisdom on a national tour.

Patrice C. Washington makes money educational yet fun with her Real Money Answers financial series. She is a featured columnist, television & radio commentator, transformational speaker and leading authority on personal finance, entrepreneurship and success for women and youth. Patrice’s wisdom on money matters has been featured as a recurring voice by national brands such as NBC, Black Enterprise, The Huffington Post and Upscale Magazine. She is the personal finance voice of the Steve Harvey Morning Radio Show and has shared the stage with him spreading her wisdom on a national tour.

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