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Family Planning
The following commentary is by Lea Saslav,
author of SAMS
Teach Yourself Personal Finance in 24 Hours.
Getting Your Kids Off To A Good Financial Start
Think about it. Since the time your kids could reach up to
the bathroom sink you've been teaching them to brush their
teeth everyday, right? Every morning before they go to school
and at night before they go to bed. You've also tried to get
them to clean up and put away their toys before they go to
sleep, instilling a good daily habit of orderliness and organization.
As they grow up and become young people, you try to keep
up with their homework, their friends, what television shows
they are watching. Why do Moms and Dads do it? It's simple.
You're trying to instill good habits in your children, no
matter what their age--not only cleanliness and mental hygiene
but self-worth and ultimately self-confidence, all
principles which hopefully they will take with them safely
through their life, into their own independence.
In the same way, keep in mind you are also the caretaker
of your children's financial health. The earlier you instill
good financial habits in your children, the better off they
will be.
With that in mind, here are several Tips for Raising Financially
Savvy Girls courtesy of Girls,
Incorporated, a Manhattan-based thinktank and policy group
with a goal of financially empowering young women in their
teenage years. Of course, all of the above can also be incorporated
when describing money to your young man as well, but knowing
that young women can often be the ones who get left behind
in the financial game, mothers of daughters may want to make
a special note:
- Make Money Moments
Help girls understand that careful spending and financial
planning are part of everyday life. If you have a checkbook,
balance it with your daughter. Clip coupons with her and
talk about why you use them and how you can save money.
- Dollar and Dream
Use the Sunday classified ads to talk about salaries,
the cost of renting an apartment, or making a purchase
like furniture or a car. Create a scenario for your daughter
to pick her favorite job. How much money would she make?
Which apartment would she rent? Which furnishing could
she afford to buy?
- Save for a Rainy Day
Whenever your daughter gets money, whether it's 25 cents
or $25, encourage her to save some of it to use at a later
date. Ask her to pick a toy, a book, a music CD, or any
other item she would like to purchase. While she is saving,
"visit" that item at the store to encourage her interest.
Discuss her allowance and how to determine how much money
to spend for things she wants now and how much to save
for later.
- Take Stock in America
Pretend to buy a share of stock in your daughter's favorite
company, toy store, or restaurant. Watch the company's
commercials, advertisements, news articles, and the stock's
growth and decline in the business section of your local
paper and on television. If your daughter develops an
interest, call the business for its annual report. The
annual report describes the company and its holdings.
As we will continue to explore the ins and outs of raising
a healthy financial child in this column, I hope you will
email me as well with your stories and anecdotes of how
you have raised and are raising your children to be healthy,
financially responsible adults. You can reach me at [email protected].
I look forward to hearing from you!
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