4 ways to be a good financial role model for your children

first_imgYour children may not always look like they’re listening, but they’re certainly watching. That’s why it’s important to make sure your actions line up with what you say, especially when it comes to managing your money. Robin Taub, chartered accountant and author of A Parent’s Guide to Raising Money-Smart Kids, said the key to raising financially aware children is to lead by example. “The first step to teaching kids to be money smart is to be a good financial model. We want to be able to lead by example. Our kids are watching and learning from us and they are aware of both our positive and negative behavior around money,” said Taub. Are your actions lining up with your words? Here’s how to be a good financial role model for your children.1. Shop responsiblyShow your child how to shop responsibly. Both of you can start by taking stock of what you already have so that unnecessary purchases aren’t made. Once you’re ready to shop, work together on creating a shopping list. Demonstrate how to search for sales and find coupons. Refrain from purchasing items that are not on the shopping list (unless it’s truly necessary) so that your child can understand the importance of exercising self-control at a store. Impulse spending is not only bad for your budget but also sets a bad example. continue reading » 42SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

first_imgYour children may not always look like they’re listening, but they’re certainly watching. That’s why it’s important to make sure your actions line up with what you say, especially when it comes to managing your money. Robin Taub, chartered accountant and author of A Parent’s Guide to Raising Money-Smart Kids, said the key to raising financially aware children is to lead by example. “The first step to teaching kids to be money smart is to be a good financial model. We want to be able to lead by example. Our kids are watching and learning from us and they are aware of both our positive and negative behavior around money,” said Taub. Are your actions lining up with your words? Here’s how to be a good financial role model for your children.1. Shop responsiblyShow your child how to shop responsibly. Both of you can start by taking stock of what you already have so that unnecessary purchases aren’t made. Once you’re ready to shop, work together on creating a shopping list. Demonstrate how to search for sales and find coupons. Refrain from purchasing items that are not on the shopping list (unless it’s truly necessary) so that your child can understand the importance of exercising self-control at a store. Impulse spending is not only bad for your budget but also sets a bad example. continue reading » 42SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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