With the kids home for the summer, now’s a good time to impart some of these essential lessons. Here are some key ones to consider:
It’s all about balance. With the boundaries between work and play almost entirely erased as we spend all our time at home, it may not be easy to find a balance. Instead, try working in “teaching moments” during the day in a natural way. During playtime or around a family meal, have a conversation around the importance of saving and how to make a budget that will allow you to buy a special toy or game, or save for a vacation when we can travel again. These are great opportunities to plant the seed of good money management.
Positive money habits
After introducing the idea of saving and budgeting, parents can then help direct their child to making this practice a habit. While saving up for something important may be one goal, there is also the need to set aside an emergency fund — something that is particularly necessary during these pandemic times.. You can use examples from what we are currently experiencing to demonstrate the importance of saving for a rainy day.
“Increasing your personal financial knowledge is key for achieving long-term financial success,” explains Melonie Dixon, vice president of deposits at Oaken Financial.
Working with their hands
Between doing homework online, playing on smartphones and holding video chats with teachers, friends and family, these days the kids probably have more screen time than you’re comfortable with. One way to disconnect from technology while keeping them busy and engaged is by teaching them other basic life skills beyond the finances. Involve them in things you may be doing around the house daily, like cooking, gardening and washing. They’ll have a relaxing outlet while gaining valuable skills and connecting with you.
Learn more about GICs and saving accounts at oaken.com.