Give Your Children the Gift of (Financial) Knowledge
It’s almost Father’s Day. If you’re a dad with young children, you can expect some nice homemade cards and maybe even a baseball cap. But, of course, your greatest reward is spending time with your kids and watching them grow. In return, you can give them a gift – the gift of knowledge. Specifically, in the months and years ahead, teach them the financial skills that can help make their lives easier and more rewarding.
For starters, encourage your children to become savers. You can do this in a couple of different ways. First, set a good example. You might explain to your kids that you want to buy a certain item, but you are waiting for it to go on sale. Or, if it’s a particularly big-ticket item, like an ultra high-definition television, tell your children that you simply can’t afford it now, but that you are putting away some money each week until you can. You might even make a chart showing your progress.