Kids Corner - Financial Habits

Many of the habits we carry into adulthood, particularly around money, are set by age 7, according to research by Dr. David Whitebread and Dr. Sue Bingham.

Given your child’s money mindset is created at such a young age, talking about budgeting, delayed gratification, and saving is so crucial.  

Here are a few practical steps to start teaching our young ones this year:

1. Let them earn their money. Most parents start by setting an allowance for doing chores.

2. Discuss wants vs. needs.

3. Set savings/spending/tithing goals.

4. Offer incentives to save and tithe.

5. Let them learn from mistakes.

6. Help them track their spending.