Sometimes one talk just won’t cut it. Trying to infuse your children with all of your financial knowledge in one sitting will most likely result in losing their attention very quickly. So what is the best approach? Peppering them with small lessons in money management during everyday conversation according to Holly Isdale. Isdale is the founder of Wealthaven in Bryn Mawr, PA, a company that provides financial advice to wealthy families. Here are nine ways you can raise your children to be money savvy.
1. Talking about their allowance
Barbara Nusbaum is a New York physiologist that focuses on the emotional side of money. She suggests that having your children split their money up into three categories: spend, save, and share.
“Allowance is important. It gives you the opportunity to have small money talks with your children regularly.” She says.