Find the life stages that are currently most important to you or your family and begin to implement the tips. It won’t take long to see results, bolstering both your financial picture and confidence in your financial future.
Childhood Through College
Getting on a sound financial footing is rated “G” — good for any age.
- 6–8: This is the right time to start with allowances. Monthly is often better than weekly so kids learn a bit about planning ahead. Also, teach youngsters to comparison shop.
- 9–12: A critical time for children to start earning money to supplement allowance. Lemonade stands, dog walking, fence painting, leaf raking, and snow shoveling are all ideal for this age group.
- Teens: Finding and keeping a job, budgeting what’s earned, learning the do’s and don’ts of spending and overspending are critical life skills for teens. Teens should have a checking account or savings account, but NOT a credit card.
- College: Debt is often a more serious problem than academics for college students. Staying within budget needs to be part and parcel of the lessons they learn. Bailing themselves out, curbing their spending lust, and foregoing nonessentials are absolute musts. Too often parents with the best intentions enable the worst financial patterns.
To be continued…