Money Minded Learning

1. Educate Yourself 

The very first step when educating your kids about money is to educate yourself.  While the topics are endless, a few areas you can begin to explore are ways to save, types of interest, budgeting tricks, investment terms and strategies, and types of debt. 

2. Lead By Example

In order for your kids to develop positive financial values, it is important to lead by example. A great place to start is to sit down with your family and determine your financial goals. Next, create and stick to a budget.  You can start with one area of your life like grocery shopping. Every time you go to the grocery store, share with your kids what the budget is, and work together to stay within in. 

3. Start With the Basics

It is important to introduce basic financial topics to your kids. A great way to begin this conversation is to talk about the cost of different items.  For instance, brand name vs generic.  

I will be the first to tell you that when I was in high school, I had very little interest in learning about money management. That said, I certainly had an interest in money.

When I turned fifteen, old enough to get a work permit, I got a job at a local pet shop.  Like most teens I was excited to have extra money to spend, but fortunately my parents curbed my spending habits the good old fashion way...bribery.  This was the deal: If I wanted a car when I turned 16, I had to save for it.  Every dollar I saved, they would match towards the purchase. Very quickly, I began saving almost every penny I made, and by the time I was 16, I had saved $3,000. (Keep in mind minimum wage was $3.75 an hour)  While the promise of something in the future, my first car, was enough to motivate me to save, I had no knowledge of compound interest or other long-term saving principals, nor did I have any idea of how a car loan or credit card worked.  It wasn't until later in life that I learned from experience how these important principals. 

Over the last few years, the ailing economy has made it difficult for many individuals to find a job.  This has been especially true for recent college graduates looking to enter the workforce.  While many young adults today are feeling the stress of the job market, many parents are finding themselves equally stressed, working to support their adult children.

In a recent study conducted by the National Endowment for Financial Education and Forbes it was uncovered that more parents are finding themselves continuing to support their children well after college graduation.