When It's Time for the “Money Talk” With Your Kids | First Volunteer Bank

“A leader takes people where they want to go. A great leader takes people where they don’t necessarily want to go, but ought to be.”— Rosalynn Carter

When it comes to your children, it’s always a game of “follow the leader,” even if you don’t realize you are playing. The team at First Volunteer Bank wants to make sure you are teaching them the lessons that will lead into a brighter financial future.

Teach Your Children Money Lessons Today!

Money conversations can be difficult to have with your children. But that doesn’t mean they aren’t necessary.

Let’s take a look at some important financial lessons you need to be sharing with your kids.

First, it’s important to reiterate that money doesn’t grow on trees, which is a concept many children can have a hard time grasping. When they are seeing friends getting this and that, it can be difficult for them to understand why you just can’t go out and get everything they want for them.

The next time a bill arrives in the mail, if you feel comfortable, show them how much it costs to keep the lights on, the water running, the television turned on and so on. Real-life situations can help them get a better grasp on how much things cost.

Second, start having your child complete chores for an allowance. Concerned it’s too early? There are age-appropriate chores for kids of nearly any age.

Chores can also help with the first step of teaching your children the value of a dollar. The next time your children want to go to the movies or buy a new shirt or video game, they will remember how many chores they had to complete in order to make that purchase. And, in fact, it might help them make better spending decisions in the future.

Finally, get your children involved in the family budget. They don’t have to—or need to—know all the realities of your financial situation, but you can share some basics. This will help them understand your family’s financial big picture and how they can help.

First Volunteer Bank offers a MOOLA Savings Account for those who are age 18 and younger who are ready to start saving money! Contact our team today to learn about our services available to both you and your children.