GRAND RAPIDS, Mich. (WOTV) - It's important for all of us to raise financially fit kids so they are prepared for adulthood. No matter how old your children are, it's never too early or too late to start teaching them about finances. Nancy Loftis from First Community Federal Credit Union recommends the following steps to educate your children on being financially responsible.
Younger than age 5
-Open a savings account in their name.
-Start an at-home savings tool like a piggy bank or jar.
-When bank or jar is full, transfer the money to their savings account.
-Allow them to help pay for small items.
-Play store at home and teach them about using money.
-Start paying your child an allowance.
-Let your child be responsible for their own money.
-Start to teach them the concept of shopping and getting the most for your money.
-Start to explain the basics of budgeting.
-Allow ways that kids can earn additional money.
-Introduce them into discussions about family expenses.
-Show them the basics of online banking and review your family's statements together.
-Re-evaluate allowance amount and the frequency of payment.
-Talk to your children about the basics of investing.
- Have open and honest dialog about money.
- Encourage long term savings.
- Start a checking account with debit card.
- Discuss the basics of using a credit card.
- Teach your child the valuable lessons of having a job.
First Community Federal Credit Union
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