Be a Money Mentor
The importance of teaching children about money management
When kids learn about responsible money management at a young age, the lessons will pay dividends throughout their lifetime. Be a Money Mentor and help your child:
- Be independent and self sufficient
- Make informed decisions and choices
- Use good judgement and look at consumption in a realistic way
- Acquire the skills and knowledge to be financially secure
Children should not be made to feel that they have to worry about the household bills or that they are a drain on the family's resources. The purpose of Make it Count is to provide your child with a positive and realistic attitude toward money.
Set a good example
You are a role model and your child begins taking cues from you at a very early age. That is why it is important to assess your own financial habits and spending behaviour to make sure you are setting a good example.
Helping children understand how to live within their means and plan for their dreams can make it much easier to cope with life's pressures.
It's not about seeing a difference overnight. It takes time to build habits for life, but it's worth it. Spending your hard-earned money should not happen without thought or care. Take the time to put a plan in place for yourself.
- Assess your money situation - Track your spending for one typical month
- Develop a budget - Determine your after-tax income, calculate your expenses, assess your long and short-term needs, decide on expenses that can or should be trimmed
- Set goals - Establish some short-term and long-term savings goals
- Make a plan - Make sure you have a way of reaching your goals that will work with your financial situation
- Take action - Put your plan into effect and start on your path to financial security
- Be a Money Mentor - Get your child involved in money management and Make it Count!