Financial Literacy starts at home. Gone are the days of one person handling and knowing about the family finances. It is OUR responsibility to make sure that the WHOLE family knows about personal finance, children included. Think about it, they encounter financial decisions very early. Think of all the times you’ve been at the store and they have asked you to buy them something or the times they have asked to go to the movies, and the times they have asked can you go to their favorite restaurant. The list of financial decision encountered is endless. Preparing the next generation NOW by instilling good financial habits gives them more opportunities to be financially successful when they get older and minimizes financial mishaps. (Notice how I said MINIMIZES) Learning by participating is the best teacher.
As part of my commitment to increasing Financial Literacy, I am sharing 3 ways to make personal finance a Family Affair:
Hold Family Finance Sessions
Schedule a family finance session in regular intervals to discuss the family finances. Of course depending on the age of your children the information shared will have to be tailored. For instance, if you give your children an allowance you can teach them how to allocate their money. You can then show them how it impacts the family budget.
I have designed a session that teaches you what to include and how to implement your family finance sessions. Email info@moneychoicestoday.com for more information.
Play Financial Games
Games are a great way to teach children about finances. It incorporates money decision making skills and allows for simulation of life events. The key is to make sure you talk about it as you play and relate it to real life events. Some of my recommendations for board games that teach money skills include Payday, Monopoly and Life. (These were some of my favorites when I was a child.) An added benefit, its a great way to get in family time! 🙂 Options to board games are online games. PracticalMoneySkills.com is a great site that includes games for children as young as 5 years old.
Check for local Financial Literacy and Personal Finance Events
Libraries, local banks and other community organizations offer different personal finance events for all ages. During Money Smart Week, April 22nd– April 29th this year, financial education classes and seminars are offered covering various topics. Check out MoneySmartWeek.org for more information.
In the comments below let me know which one of these you are going to try and how you share financial knowledge with your family.