{"id":10242,"date":"2016-11-01T14:13:59","date_gmt":"2016-11-01T18:13:59","guid":{"rendered":"https:\/\/mayahoodblog.com\/?p=10242"},"modified":"2024-01-15T04:57:00","modified_gmt":"2024-01-15T09:57:00","slug":"the-benefits-of-speaking-to-kids-about-money-management-early","status":"publish","type":"post","link":"https:\/\/mayahoodblog.com\/the-benefits-of-speaking-to-kids-about-money-management-early\/","title":{"rendered":"The benefits of speaking to kids about money management early!"},"content":{"rendered":"

As parents, we place a lot of emphasis about speaking to our kids about certain topics from a young age. Whether it’s about eating healthy, consent, how to act in public, or how to behave in general, there seems to be one topic that some of us don’t speak to our kids about. That topic is MONEY! A 2016 survey by TD revealed that only 58 per cent of Canadian parents have spoken to their children about money management before the age of 16! And we really can’t just rely on teachers to teach our kids about money management. Parents share that responsibility. As a parent, it also helps to invest in learning about finances such as the ira gold rollover guide<\/a> which you can soon teach your children.<\/p>\n

My Personal Experience with\u00a0Money Management<\/h3>\n

Of course, there are different ways to talk to your kids about money whether directly or indirectly.\u00a0As a kid and a new immigrant to Canada, my parents discussed money with me indirectly. Specifically, whenever I wanted the latest and newest toy, they either say “No, it’s too expensive, we can’t afford it” or “If we find it at a garage sale, you could have it.” I learned that you can’t always get what you want, and that some things, you need to\u00a0wait and buy when you can afford them. Of course I didn’t “LIKE” this lesson, but if nothing more, it made me eager to start working as soon as possible to start earning my own money and becoming financially independent. I started my\u00a0first “real” job when I was 14 working in a dry cleaner. None of my friends had jobs, but I loved it! It gave me a sense of pride, and more importantly, disposable income. I’m proud to say that I’ve been financially independent almost\u00a0exclusively since then, even paying my own way through university without taking out a student loan.<\/p>\n

\"Officially

Officially a Canadian Citizen<\/p><\/div>\n

Teaching My Kids About Money Management<\/h3>\n

When it comes to my own kids, John and I made the decision to teach them about money management from an early age. Our oldest son Kyle would ask us to buy him a lot of things. While we could afford to, we realized it’s also a great exercise to teach him how to save. We decided we would give him a weekly allowance. If he wanted big-ticket items, we would write those down on a list and buy it for him for his birthday or one of the holidays OR, he could save up his allowance for it. Little things we would either buy for him or he would have to pay for, depending on the frequency. This past summer we even opened up a savings account for him where he deposited $50. We taught him (in layman’s terms) that the longer he saves his money in his bank account, the more it will grow (compounding interest) but it’s also a great way for him to learn to SAVE. It’s not as easily accessible once the money is out of his wallet and out of the house. Now that Ryan is almost 4, we’re going to start doing the same as we’re seeing that he is also asking us to buy him toys more frequently. We bought him a wallet and are giving him allowance to start teaching him about this very important life skill.<\/p>\n

\"td-money\"<\/p>\n

START EARLY<\/h3>\n

Developing healthy habits starts at an early age. According to TD, “as children grow so do their understanding of money concepts. Starting the money management conversation with them early on is only the beginning \u2013 continue and tailor the conversation as they age.”<\/p>\n

For Financial Literacy Month this November, Paul Orlander, Senior Vice President of Personal Savings and Investing at TD Canada Trust, and co-chair of TD\u2019s Financial Education Council, offers the below guidelines to help parents tailor money lessons to each child\u2019s age and developmental stage. Furthermore, parents can check out TD\u2019s\u00a0Smart Money Toolkit<\/a>\u00a0for more tips and resources to help them educate their children on smart money management practices.<\/p>\n

\"td-saving-money\"<\/p>\n