Issue link: https://www.epageflip.net/i/1533385
r e d f c u.o r g | 11 10 Tips for Raising Money-Smart Kids How do you raise kids to become financially responsible adults? Creating money-smart habits at an early age benefits kids for a lifetime. Here are our top tips: 1. Teach kids to save. Start by talking about what to do with gift money. Instead of spending it all, they can set aside a portion in a clear jar and watch it grow. When the jar is full, show kids how to deposit the cash into their savings account. 2. Talk about spending. When kids care about having certain toys or clothing brands, help them focus on the value of money. A simple conversation can help: "If you buy this video game, you won't have the money for that sweatshirt." 3. Show them how to share. You can involve the whole family in choosing a charity, and everyone can feel good about giving. 4. Lead by example. Include kids in decisions. When you're grocery shopping, explain why you'd choose a less-expensive brand. 5. Encourage earning money. Young children can do household chores and earn an allowance, and older kids may be ready for a part-time job. 6. Bring up budgeting. Track earnings and spending and provide strategies to avoid overspending, like setting a limit before going to the store. 7. Explain investing. Show how money can grow with compounding interest and introduce the idea of a certificate or money market account for a higher yield. 8. Include kids in financial discussions. Research expenses with them before making a large purchase. 9. Write goals and track progress. If kids are saving for something, regularly check on how close they are to their goal to help them stay motivated. 10. Explain financial terms. Teens are often ready for a checking account, debit card, and online and mobile banking. ey need to know how to write a check, what an available balance is, and the importance of watching for fraudulent charges. Talk about credit cards too – and not spending more than you can pay off. Redstone supports your efforts to teach kids important life skills for money management. Talk with us about youth accounts and investment opportunities. We're here for your whole family, for every financial milestone.