Teaching Kids And Teens Smart Money Habits
As a parent, you can capitalize on these wants to help teach your children to build a strong financial foundation for their future. If you’re not sure where to start, here are a few activities to help. Even pre-school aged children can start learning money habits and early math skills. We know teaching teens smart money habits or anything really can be a challenge. However, with the right motivation and a lot of patience from you, your teens can learn to manage their finances. The activities below use children’s natural curiosity to learn and reward-orientated motivation to encourage their money awareness.
One of the best ways to teach your children is to lead by example. Here is an opportunity for you to stay on track financially and discuss mistakes you may have made along the way. In the end, your honesty and consistency about financial habits will stick with your children for many years, even if they don’t seem open to it at first. Keep the faith and your patience, and you can prepare your children for a lifetime of financial success.
Use a clear jar instead of a piggy bank
They will be able to see and enjoy the money as they watch it grow. Once the jar is full, please bring it to a Viriva location to put into their Youth Savings Account. They will be able to continue to watch their money grow by using It'sMe247.
Create a chore or money-earning task
Please have your child put money aside into their Youth Savings Account at Viriva for saving while allowing them to spend some on themselves. While reinforcing that they should always save first, This will show them what items cost.
Send kids on a house or car scavenger hunt
Have your child or children look for loose change around the house or your car. You can have them put their found coins into their savings jar, or they can sort the coins and put them into coin wrappers and put them into their Viriva's Savings Account.
At Viriva, we are proud to offer specialized savings accounts that are designed just for kids and teens program features include Scholarship Program, Good Grades Program, and more. Get Details
Sit down and have a talk with your teen
Teens value honesty and authenticity. Share with them the financial mistakes you have made. They will appreciate your ability to admit you aren’t perfect. They may not take your advice off the bat, but you are planting seeds that will blossom later as they mature.
Set your teen up with a savings account
Viriva offers Youth savings programs for teens that allow them to monitor and save their money. Your teen will gain the feeling of autonomy while still giving you some oversight on their spending habits.
Please encourage them to think of some large but fun purchases they want to make. It can be anything from saving for prom, buying a new car, or going on a spring break trip. Help them budget for the expenditure and think of creative ideas to earn money for it. Viriva offers a Good Grades Program allowing youth members to turn their A's into Cash.
Research the costs of colleges and the starting salaries of the career path they are considering
Have your teen look up the cost of college tuition, living costs, and books for the college they’re hoping to attend.
Then, compare those numbers with the starting salaries for their dream job. It may be a huge reality check for some teens. You can use the opportunity to discuss their educational goals and the best ways to pay for tuition and books. Student loans, scholarships, and part-time jobs can all be part of the discussion.
Viriva offers a Scholarship Program Learn More
This article was brought you by Balance, Viriva’s financial education partner. For more resources, check out the financial education section on our website.