Saving for education
For many parents, saving for college is a top priority. A savings plan for education may help you pay for school while also taking advantage of many other benefits.
Life lessons: Raising financially independent kids
Your kids' financial education starts at home. These steps can help you prepare them now to make smart money decisions in the future.
- Start early: Introduce the idea that work equals money around age 3, like paying a quarter for feeding a pet. From there, you can move on to the concept that money is used to buy things.
- Encourage budgeting: As your kids get older, they can benefit from managing their own money through budgeting. This allows them to make decisions on how to save and spend, which allows them to practice financial responsibility.
- Personalize: Understand that each child’s personality with money is unique to them. Some may be savers and others may be spenders. So make sure to tailor your lessons to their tendencies.
- Set big goals: Helping kids save for big goals like trips or gadgets can teach them prioritization. Consider matching their savings to encourage progress.
- Allow mistakes: Letting your kids make small financial mistakes helps them learn accountability. Encourage them to learn from their mistakes as they make future purchases.
Are you ready for your new addition?
Parenthood is a big change. Whether you're having or adopting your first child or adding to your family, make sure you're financially prepared.