Ahh! Family Day, a time to spend relaxing on the couch, taking a nice long walk with the family dog, catching up on a favourite pastime with the family or whatever you enjoy doing – assuming that you don’t have to work.
Family Day can also be a great opportunity to plan for more financially literate kids!
Imagine kids understanding the value of money, being responsible in how they spend, save and share the money that they have access to. The fact is that learning how to manage money is like learning how to ride a bike. You have to actually ride the bike!
Allowing kids to have access to money and to make their own choices is like putting your kid on a bike for the first time. Their first “bike” may actually be a tricycle, or a two wheeler with training wheels. You carefully put them on the bike and then walk beside them with great apprehension and fear; yet you are confident that one day you’ll be able to take the training wheels off.
Perhaps the first time your child rides without the training wheels your kid looses his/her balance. Perhaps there is even a bruise or two. But they soon become proficient at managing their bike and you can then focus on walking the dog or better yet….cleaning up after your canine friend.
To help your kids on their financial journey, open a dialogue with your kids about money. Many of us don’t do this for a host of reasons. Anything from not having the time, don’t know what to say or afraid of their kids sharing the status of their family finances with their friends. These are all good reasons: so too is not learning to ride a bike for fear of a few bruises.
Remember: you are in full control of what you share with your kids. We wouldn’t deprive our kids of the pleasure of riding a bike or the self-esteem they develop in the process, so try talking with your kid about money…in whatever way you feel comfortable.
Help your kids develop good financial habits. It starts with awareness…it starts with conversation, one small step at at time.
HAPPY FAMILY DAY!