Teaching Millenials the Value of a Buck!

Mommy I want that new video game! Dad I want the new I-Phone! Grandma I want the new Mac Book! Most parents have heard some variation of the above statements. Parents usually are the primary financial educators for their children. Time after time, I have seen young people receive sizable allowances or inheritances, without a base of knowledge in financial planning. Consider the following five points to assist the children in your life to have a responsible attitude about money.

1) Be a Role Model – The way parents spend money and the way children view money has a significant correlation. Consider discussing the family’s financial goals and plans with the children. How much you share is to your discretion, but include the younger generation in at least a portion of the monthly management. How parents deal with money issues, from the monthly bills to planning family vacations can be important in teaching the children money management and the value of money.

2) Encourage Savings and Investments – To encourage children to save money is one of the simplest ways to encourage a responsible attitude about money. This could include designating a portion of a child’s allowance to a saving account, or making gifts of cash directly to an account in their name. Parents can discuss the account statements with the children and introduce the concept “ paying yourself first”.

3) Develop a Sense of Financial Empowerment – It is important that parents develop responsible spending habits by well thought-out choices. In order to guide and direct rather than dictate the savings and spending. Take children on window-shopping trips to compare prices and products and adopt the mind set that every trip to a store is an exercise leading to a potential purchase. For example, consider limiting impulse buying by implementing a rule that prices and products are compared at a minimum of three locations.

4) Give Unto Others – Involve children in the financial decisions regarding philanthropy. By helping children contribute time or money to a charitable cause, it can teach them that money is important in ways others than personal consumption.

Reference: Matthew P. Bartolomei, Financial Advisor http://www.fa.smithbarney.com/mattbartolomei/index.htm

 

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About the Author:  Relationship ExpertJanie Lacy, MS offers expert advice to Local and National TV News & Relationship Websites and provides phone or face-to-face counseling in the Orlando area.  Janie has a relational approach and a unique ability to connect with individuals.  Drawing upon her broad range of experience in private practice, not-for-profit organizations, hospitality and the medical industry, she has helped countless people in many arenas of life.  She offers keen insight on all aspects of relationships – family, marriage, parenting, dating, and personal growth.  Visit her webpage to learn more about her or for more counseling and coaching resources go to Total Life Counseling Center’s site.

 

 

By | 2017-06-04T20:44:18+00:00 June 30th, 2008|Blog|0 Comments

About the Author:

Janie is a Licensed Mental Health Counselor, National Certified Counselor and Certified Sex Addiction Therapist in Orlando, Florida. Janie believes that everyone has a story. These stories give meaning and purpose to the chaos of everyday life. Janie believes that people can get stuck in their life with unhealthy coping mechanisms, unhealed past traumas or wounds deep inside themselves. Janie invites people to take a journey with her to discover their own life story by helping them make connections with their behavior and needs, recognize the patterns, as well as why they have developed those patterns. Janie's passion is to walk alongside individuals as they face past wounds to create healing in their lives.

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