Are Your Kids Money Saavy?

(October 08, 2013 )


Teaching your kids about money is like any other social behaviour -- it requires consistent lesson planning and frequent reminders. Here are some great tips to help your kids about financial responsibility:

1. Make them pay for their own stuff. This seems pretty straight forward - but it's an important one. It starts with getting them to open their own savings account, and then encouraging them to sock all their money away in it - from birthdays, holidays, and special occasions. When they want a pair of expensive running shoes or the latest video game, take them to the bank!

2. Teach them that money doesn't grow on trees. One of the most popular methods of teaching this lesson is through a good old-fashioned allowance. Today, there are a lot of apps that can help you perfect this age old financial tool.

3. Get them involved in their education savings early. Once your kids start working, encourage them to put a portion of their earnings away for their education. Not only will this potentially help out in maxing out your annual RESP contributions, but getting them involved in the process will hopefully increase their chances of making it through their first year (with passing grades).