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Summer School- Financial Lessons

It’s never too early to teach your children or grandchildren the value of a dollar

Here are five lessons to help teach smart money management:
1. EARN – Nothing says summer like chores.  From cleaning rooms to cutting grass to washing cars, daily and weekly duties help fill piggy banks.  More importantly, they help kids make the connection between work and play- and appreciate the value of a dollar.
2. SAVE – Open a savings account in your child’s or grandchild’s name and encourage them to make regular deposits.  Set a series if small, achievable savings goals to help build confidence and maintain interest in saving over time.  You might commit to matching a portion of their savings to help preview the value of a 401(k) match that might come with their first job.
3. GROW – Talk about how money earns interest.  This teaches children to set more aside and avoid impulse spending, and shows how money can grow and compound over time.
4. SPEND– Helping children manage their spending is very important. Do they prefer buying things at the store every week or saving for something bigger?  Planning like this helps children carefully consider their purchases – a skill that can pay  dividends in adulthood when managing their own budgets.
5. GIVE – Teach children the importance of philanthropy by encouraging them to donate old toys and clothes, and maybe even small amounts of money, to a cause that’s important to them.

          As we prepare children and grandchildren for college everyone asks the same two questions: How much should we save and where should we save it?  If you want to learn more about the answers to these questions please contact us at 856-235-6300 to schedule an appointment.

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