How to establish good financial habits with your kids
SAVANNAH, Ga. (WTOC) - The Savannah Market Manager with Bank of America shared some advice about how to lay a strong financial foundation for your kids this Financial Literacy Month.
Amy Repella says it’s never too early to start talking to your kids about finance.
“Even small children, you can start talking to them about what money even is, how can they even start even earning a little bit. I personally have five-year-old twins and that’s one of the things I personally talk to them a little bit about. Understand what it is, what it means, how can you earn a little bit. Set aside some short term goals. so you know we talk to them very specifically between spending and savings.”
She says a few topics you’ll want to address before your kids graduate high school include making short term money goals, creating an emergency fund and having a good understanding of credit. You can also work with them to develop some saving skills.
“Really just kind of setting your own budget, you know if you have an allowance, if you’re doing something where you’re earning money, whether you’re babysitting or working in the yard. Anything your kid can do to earn some money really just gives them a sense of confidence and allows them to start being most responsible.”
However, she says the easiest way to start educating your children on financial literacy is simply to start the conversation.
“Just want to open the lines of communication to where it’s something they always feel comfortable talking about. It just gives them confidence to be able to learn more about it on their own and have it just be part of their everyday conversation.”
Bank of America offers financial literacy education through their Better Money Habits program, which provides resources and guidance. They also do a series of presentations and programming through Step Up Savannah.
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