Raising Money Smart Elementary Kids

From the distraction of iPads… to the never ending amount of homework and soccer games…at times, schedules are so busy it's easy to put off the fundamentals of raising Money Smart Elementary Kids today…

But it is vital to raising a child who can live in the "real world" and become a "Super Saver" someday. For younger children, this can be done with a couple simple techniques...

1. Help your young one with THEIR monthly budget. Yes, they could use a budget, too. Using the old fashioned envelope system is a great, simple and effective technique. Assist them with setting aside their dollars in 3 different envelopes… for example: 10% in the GIVE envelope (to charity, or other giving oppertunites), 30% in the SAVE envelope (for future purchases or college education) and 60% in the SPEND envelope (for their discretion.)… then they can start the process of self discipline and sharpen those budgetary skills...

2. As soon as your little one is old enough to master the skills of both “addition and subtraction,” it is important to introduce them to your household budget. Have them sit down with you each month and assist you in writing checks, issuing electronic bank transfers and balancing your family budget. This is a lesson they can learn in no better place than with you. And.. it helps them to think twice before they use the electricity in excess again…

So… by utilizing these two simple "kitchen table" learning events, you can rest easy knowing you have done your part in raising a Money Smart Elementary Child…

Mark Herhold…

Improving your financial life