April is Financial Literacy Month and I am happy to share countless resources for you and your family to take control of your financial future. Financial literacy is defined as the possession of the set of skills and knowledge which allows an individual to make informed and effective decisions with all of their financial resources. These money management skills and habits are very important and are generally set by the age of 7, according to a study by Cambridge University.
So what can you do to make sure your child isn’t left behind when it comes to their finances?
Teach them early.
The earlier a child learns what it takes to save and earn more, the larger advantage they will have over their peers. There are tons of resources available to teachers and parents to teach financial literacy at any age. Some of my personal favorite resources are from sammyrabbit.com. This website has a variety of useful tools for kids of all ages to learn the basics around saving and spending.
Use technology to make money fun
There are tons of apps available to help your kids learn about money. If the traditional route isn't your thing, try Bankaroo with your child. Bankaroo is a digital piggy bank that allows the child to collect allowance, manage savings and more all in one place. Taking a look at their virtual piggy bank on an Ipad or phone may be much more rewarding for your child.
Celebrate their success.
Lastly, don't forget to celebrate your child's success. Recognition is a innate need in many of us, so don’t forget to acknowledge your child’s financial wins. Your recognition of their success will help them continue to learn and grow.
I hope these tips were useful for you. Teaching your kids early on about money, using technology to make it fun and celebrating their success will make it financial literacy a new habit for your child.
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