We often talk about to help kids start saving or how to teach your teens financial independence, but what about your tweens?
We talked with David Sant, Chief Marketing Officer at Cyprus Credit Union, about tips on how to teach important financial habits and skills to your 10-13 year old.
TAKE ON MORE RESPONSIBILITY
Once your child has a source of income, whether it's allowance or a job, have them be responsible for some of their expenses. Come up with a plan that dictates which items for which each side is responsible. For example, a parent could purchase a video game system as a gift, but the child is responsible for saving up and buying their own games.
HAVE HONEST CONVERSATIONS
You obviously don't want to overwhelm your kids with any financial issues you may be dealing with, but it's also a helpful lesson to be transparent. Maybe your child doesn't understand why their friend gets to go places or gets things that they don't. Talk about how everyone has different priorities when it comes to their spending choices and this is what your family does.
MAKE THEIR OWN GOALS
In the past, you may have made financial goals as a family. As your child gets older, encourage them to start making their own longer term money plans, such as saving for college. These goals will help your child determine what choices they should make when it comes to spending and saving their money.
OPEN A CHECKING ACCOUNT
Once your child starts receiving more money, it becomes even more important to make sure they have a safe place to keep it. Depending on your situation, it may also be a good time to get your teen a debit card that connects to their account. This is safer than carrying around cash and makes it easier to track their spending.
You can get more financial tips at cypruscu.com.
