It’s never too early for youngsters to learn the value of a dollar.
The best way to teach youngsters the value of a dollar is by example.
Bob Yee from Central Pacific Bank said, "Kids can think money’s unlimited and that’s not what you want to teach them. Best thing to do is set a good example. It’s amazing how much our keiki learn just by observing us."
The next important thing to help youngsters learn the value of a dollar – - the difference between what you want and what you need.
"Helping them learn the difference between needs which are required and wants and wishes which aren’t is very important for them to learn good financial spending decisions in the future," said Yee.
As the children get older, Yee says it’s important that they feel like part of the family and the financial decisions the family has to make.
"Include them in financial discussions. So if you’re thinking of buying a car. Show them how some cars fit into your budget and some cars may not. Also, take them to the bank. Show them when you make a deposit or withdrawal. Same thing with the ATM," said Yee.
And when they get older, have them help out with household expenses.
"It can be something as small as pet food, ketchup or some groceries. But by having them contribute to the household expenses, it teaches them that they’re always going to be there. So they’re going to have to learn how to budget and to plan for the future," said Yee.
And that’s the key.
The financial lessons they learn at an early age will help them manage their finances when they are out on their own.
See the original article at: KHON2 Local News
