Are you trying to teach your child the value of a dollar?

This is Tip #6 in a series of 6: Walk the Talk

WHAT TO DO: Be a good financial role model.

Think about the messages you’re sending your kids. Do you live at the mall and stock up on stuff you don’t really need, or shop smart and limit those impulse buys?

TIP: Talk to your kids regularly about the importance of paying bills on time, long-term savings, etc.

“You have to talk about money with your kids in the same way you talk about sex and drugs,” says Godfrey.

THE PAYOFF: If you act as your kids’ personal money mentor and teach them how to manage their finances, chances are they will take those lessons with them when they leave home and – bonus! – won’t be calling for bailouts.

More Ways to Instill Money Sense in Your Kids:

BOOKS •

Making Allowances: A Dollars and Sense Guide to Teaching Kids About Money (McGraw-Hill, 2002) by Paul W. Lermitte

• Money Doesn’t Grow on Trees: Teaching Your Kids the Value of a Buck (Revell, 2005) by Ellie Kay

• The Complete Idiot’s Guide to Raising Money-Smart Canadian Kids  (Prentice Hall Canada, 2002) by Ann Douglas and Barbara Weltman

• The Money Tree Myth: A Parents’ Guide to Helping Kids Unravel the Mysteries of Money (Stoddart, 1996) by Gail Vaz-Oxlade

• No More Frogs to Kiss: 99 Ways to Give Economic Power to Girls  (Collins, 1995) by Joline Godfrey

WEBSITES:

• www.independentmeans.com

www.tipsforkids.com

www.makingallowances.com

www.kidsmoney.org

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