In the interest of love and legacy, parents should establish a robust foundation of financial literacy to harmonize with wise money moves and generational wealth. Join us and take actionable steps toward securing your family’s financial future.
Through building positive financial habits and encouraging entrepreneurship in our children, we help the next generation build the right skill sets for economic ambition and financial navigation.
By setting up the right early investments, we make sure that no matter how unpredictable the future is, our children have a cushion of certainty to pursue life goals like education or retirement.
Money Lessons At Home
Start Early – Introduce money as a concept so your little ones can understand commerce and money management.
Through role playing games, like owning a bakery, your children can start to understand how money is used practically. Through board games like Monopoly and PayDay, young kids can learn the concepts of investing, mortgages, bills, and loan payments.
Practical Budgeting – Budgeting best practices can be incorporated in small cases, like sharing your approach to your monthly grocery budget.
Other budgets can be more complex and require your kid to understand how to responsibly manage their allowance. Have them try the spend, save, share method to financially plan a friend outing to the movies to get the hang of it.
Savings Jars – Introduce the concept of saving early! While it may seem traditional, savings jars remain an effective method.
Mimic savings accounts by labeling each with goals or purposes like “Holiday Gifts,” “New Shoes,” or “Rainy Day.”
Allowance Management – Provide a regular allowance, however small, to mimic income and encourage your child to manage it independently.
Just like with budgeting and roleplaying, they will need to go through the motions of separating their money, saving for the future, and understanding the consequences of impulsive spending.
Open Communication – Taboos around money perpetuate a lack of understanding about how money works. Wealthy families consistently discuss money matters.
Foster an open dialogue and answer questions honestly about your family’s financial goals and budgeting. Transparency helps build trust and healthy money minded discussions, preparing them for when they become adults.
OneUnited Bank
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