It’s never too late to plant a seed in your child’s financial garden. Here’s how to help your kids become financially independent adults, according to the experts at United Texas Credit Union :
1. Start with basic budgeting
Introduce your young children to the concept of earning money and spending it mindfully — and build upon that knowledge as they grow.
2. Go halfsies
You might give your child what they want more often than you’d like. A great way to compromise — while also teaching them a financial lesson — is to have them pay half.
3. Teach them about credit cards
Swiping your card often around your child? Instead of keeping the magical piece of plastic a mystery, show them your credit card bill + talk about how you need to pay for all those expenses you swiped.
4. Open a youth account
Experience is the best teacher. Giving kids their own account is a simple way to teach them how to manage their money.