RAISING
y v
v a
S y
e n
o M
KIDS K
ids may not always listen
to the life lessons we try to
impart, but when it comes
to money, they are an amazingly
attentive audience. T. Rowe
Price, a global investment
management firm, found
in a survey that 65 percent
of kids approach their
parents about money
matters. Provide guidance about
managing money
now and you’ll set
your children on the
course for a lifetime of
financial responsibility
and long-term
security. Mike English,
economic educator
and facilitator
of the parent-
teacher program
“Talking to
Your Kids
About Personal
Finances,” encourages
16 December 2018 washingtonFAMILY.com
parents to teach kids about money as
soon as they can count.

Shape savvy spenders. For Megan
Lynch, whose daughters are 5, 3 and
10 weeks, understanding money is
an important life skill.

“It took me a really long time
to learn to budget and get my
credit on track,” says Lynch. “I
want my girls to know that being
responsible with their finances will
reap better rewards than the instant
gratification of just blowing it all.”
First, distinguish between wants
and needs. Your child will become a
more prudent spender, who fulfills
needs first and saves for wish-list
items to purchase later.

Lynch’s girls use a piggy bank to
watch their money grow. “We are
trying to teach them that saving up
for something special takes time and
patience, and in the end, they are
always proud of how much money
they were able to save,” says Lynch.

Basic budgeting. For novice money
managers, offer budgeting and
planning tips. Trish Batten provides
ISTOCK / GETTY IMAGES PLUS/PAULAPHOTO
BY CHRISTA MELNYK HINES