Make sure your kids grow up smart about money with these strategies investinyou (In partnership with acorns.)
div > div.group > p:first-child"> Adults, who have learned from experience about irresistible sales pitches, can find it hard to make good financial decisions. Imagine what it's like for a wide-eyed 8-year-old to confront a dizzying array of choices. We know what can happen in the future if we don't save.In fact, you can teach kids to understand money, whether they're 3 or 13.
"Unless someone has been armed with some basic financial knowledge, that can turn into a ruinous situation," Henske said.Any 7-year-old can see the difference between ordering a $3 soda in a restaurant and drinking water, which costs nothing."Drinking is a need," Henske said."Drinking Coke or lemonade is a want."
"We have to really think about consumerism," Mays said. When she was folding laundry, she noticed that all the kids' jeans had holes. Previously, she might have run out to buy more. Now she says she'll mend the holes and they'll all make do with what they have.When Mays' husband was asked to chaperone a school trip to Disneyland, he asked if he could purchase additional tickets at a discount so the whole family could go.
Check out your company's health-care options. Even if there are just a few plans to choose from, understand all the terminology so you grasp how the plan's co-pays, deductibles and co-insurance all work. If you have access and can spare some more money, fund a health savings account to offset future health-care costs.
Skyler can earn money doing chores, and he is tasked with managing the family's $100 monthly lawn-care budget. When he wants something, his parents will ask him to look around the house to see what he can do — take out trash or do dishes, for instance — to earn the money.
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