Focus Magazine of SWFL Cheers To Your Style | Page 37

TIPS
To Make
Your Kids

Photos courtesy of Getty Images

WISE
FAMILY FEATURES

Kids are never too young to learn the skills of saving, budgeting,
and other basics for becoming a money-wise individual.
In fact, T. Rowe Price’s 2014 Parents, Kids & Money survey found
that 60 percent of kids whose parents frequently talk to them
about budgeting feel they are smart about money, as opposed to
just 34 percent of kids whose parents do not.
Financial experts agree that the sooner parents start imparting
key money concepts, the more effective they will be in raising
financially responsible adults. While it may seem like an involved
topic, it’s as simple as starting a conversation.
“There is a clear correlation between talking with kids about
financial topics and their habits,” said Judith Ward, a senior financial planner with T. Rowe Price. “Parents can invest in their kids by
talking to them weekly about money matters.”
The survey also found that parents are having more financial
conversations with boys rather than girls.
“Boys and girls should have the same opportunities to learn about
money matters at home so they can grow into financially savvy
adults,” Ms. Ward says. “By talking to kids of either gender about
things like saving for college, parents can help kids get involved
and excited about their future.”

Tips for starting money conversations
First, learn to engage in frequent money conversations with
your kids. While you can sit down to discuss in a formal manner,
casual dialog may be more effective and memorable. From trips
to the grocery store to a visit to your neighborhood bank, there
are plenty of real-world situations where you can teach your kids
about spending, saving, and other money concepts.
Ms. Ward offers these tips to help parents initiate conversation:
• When discussing weekend plans: When your kids plan for weekend fun with friends, ask them how much the activities will cost.
Find out if they have budgeted for these expenses and if they are
saving for any other upcoming events.
• When talking about their future: Ask your child what they wish
to be when they grow up. This is a great opportunity to talk about
what kind of college degree may be required for the profession,
how much getting the degree can cost, and the need to save for
it in advance.
• When talking about extracurricular activities: When talking
about extra activities like soccer, dance, karate, piano lessons
and others, talk with your kids about the cost of each. Help them
understand that all of these add up to a lot of money, so they can
help you save by only doing the ones they really enjoy.
Use these simple tips to help integrate money conversations into
your daily lives — your kids will thank you later.

www.MoneyConfidentKids.com
FOCUS of SWFL 2014 37