Just got finished reading the money section of my local paper & it made me think about what sort of guidance we are establishing for our children. Are we doing enough to put them on the right path when it comes to their money & saving habits? The greatest teacher’s are your own family, & we need to help kid’s learn good habits that will last a lifetime.
Are you ready for some stats? I got these from a recent issue of Seventeen Magazine:
12-14 yr. old average income $2,167.00
15-17 yr. old average income $4,023.00
Yes, that is per year! Think of babysitting, odd jobs around the house, allowance & holiday money. Of course, if you are like most tweens this money is not all in one lump sum, it has definitely been spent along the way & not in the wisest ways. You have to let them spend it on what they truly think they “need” at the time, i.e. the video game, a music download, fast food, etc. However, having an established routine for sorting the money for future goals does help. It is easier to get these established early in childhood and not later when the amount of money & “needs” get more expensive.
I am all for the 3 jar idea of saving, http://www.threejars.com for ages 5-13 yrs. It is a cute website that is totally free & kinda like a fun game! They have three jars to manage labeled; Spend, Save, & Share. Kids learn about interest, get tips, have allowance calculators, and even have an ask Jean Chatzky section to help out.
We as parents need to set the tone, goals, and modeling but, it sure is nice to have help along the way. Remember, it takes a village!
What are you doing to help your child save? Any tip or sites you know about would help so many of our readers!
Highlight a College: