Here at GJ Private Wealth, we know that although your child may only be five years old, it’s never to early to start teaching them to value of money.
Below we have some tips to help raising your kids to be financially savvy from the beginning, how to budget their money and save to understand the real value of a dollar.
The earlier the better - Kids do understand "value" at an early age. The sooner you can show them how saving money can help them reach their goals, the better.
Talk to them about money – Explain how a credit card works. It’s not simply full of free money. Explain how it is payed off every month and where the money comes from.
Help them to curb their spending - The next time your kids want to buy something ie. new clothes, a new toy, etc — have them sit on the decision for 30 days. It’s amazing how often they won’t want the item anymore after that time.
Start an investment account - Investing just $20 a month can grow to thousands and set the stage for long term goals.
Money = Hardwork: The simple idea of paying them for doing chores will never be overrated, again teaching them the true value of money, independence and saving for their goals.
Here at GJ Private Wealth, our financial planners in the Sutherland Shire are here to help you reach your financial goals. Contact us to find out more.