Involving Kids in Family Finances
One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.
Rebecca Alwine is an Army wife and mother of three who realized shortly after having her third child that debt was not okay. "We had credit card debt and a brand new minivan payment, we knew that something had to change. While we knew that everyone has "debt" and many consider it a normal part of life, we didn't want our kids to have that mentality, so we involved them in our debt free journey." Rebecca says that her children have been a part of their savings journey, involving them in every step. "They understand how money works and know that by saving money, we can do more fun things as a family."
Rebecca mentions that there is one very important component of getting kids involved in savings: "We talk about money, we have family budget meetings so we can discuss how we're going to use our income, and we discuss our financial goals. The kids were really excited when we paid off our last debt, the minivan, and are happy when we color in new lines on our "savings account" chart."
Being money-wise at different stages requires clear explanations as well as honesty about your own family finances. You can turn each situation that involves money into a learning moment, or even a game to make kids more interested.
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- Category: Saver Stories