Today, kids have more temptations than we did at their age. They’re inundated from birth with advertising messages saying “buy, buy, buy!” A typical child has seen more than a million ads by age 21. To counteract this conditioning, it’s essential to teach kids personal finance lessons.
Financial habits form early. We should begin teaching lessons about personal finances when kids are young. If they’re already teens now, that’s OK – getting professional-level training before they move out on their own is critical. Practical, relatable lessons help establish an educational foundation that supports continued financial education as they mature.
- Discuss ways to save money, such as using coupons, sales, or shopping at discount stores.
- Brainstorm creative ways to save money. For example, shop at second-hand or outlet stores, find deals online, or do a neighborhood clothing trade.
- Discuss ways you might overspend, such as impulse buying or choosing high-end brand name products.