their remaining funds from their allowance
and chores helps them develop planning
skills and avoid the dangerous money habit
of “earning and burning.”
PARENT CAN TEACH THEIR KIDS AFTER
THE BASICS IS HOW TO WORK,
EARN AND MANAGE MONEY.

DEMYSTIFYING MONEY
A common mistake to avoid is just not
talking about these things enough. For kids
to make confident financial decisions, par-
ents need to demystify money.

Explain how much things cost, and even
let your kids participate in the exchange.

EP Federal Credit Union recommends
letting children hand the money to the
cashier, then collect and count the change.

By showing children how money is con-
nected to everyday life, it becomes less
mysterious and scary. That also means
explaining credit and debit cards—as
Currie learned earlier when she shared
about shopping with her girls.

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According to Currie, being as open and
transparent as you can be with your chil-
dren is important for teaching them which
habits work for you and which financial
decisions they may want to avoid.

LEAD BY EXAMPLE
It’s important to lead by example, too.

Make sure your child’s example of what not
to do is not you.

Instead, demonstrate good habits
including generosity with money. Kids
might need help knowing where to start
in terms of giving. Weaver suggests set-
ting aside a portion of the family budget
for charity.

Teach your children that there are three
buckets—one for charity, one for imme-
diate needs and one for savings and that
charity can start at home. P
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