I recently shared 5 money tips to teach kids this summer for a special financial literacy insert in USA Today. I decided to expand on these tips and share how our family puts these tips into action. If you missed the first tip, here’s the link to Tip #1: Choice and how we applied that tip in our own family. Now for Tip #2:
Tip #2 – Set goals. Teach your child to set goals for each money choice. Kids need to know what they are saving for to maintain their interest. Goals help them delay the gratification of spending right now.
When Allison, my oldest, had just finished her sophomore year in college, she had a summer of facing reality. Continue reading