Today I’d like to introduce you to two girls who wish money grew on trees.
Yes, friends – as a mother, I had the pleasure of realizing that I was ruining my children’s understanding of finances a few years ago and had to do something about it QUICK!
When I was growing up, we didn’t have much money to spend. Those were the days when a 25 cent bag of chips was a very big treat for my sister and I. My parents worked hard for their money and they obviously did some financial planning but the one thing in the home that was missing was any kind of conversation about financial management with us kids.
This left me with a very skewed outlook towards money. I can remember my horror when I received my first paycheque and saw all of the deductions…I was completely mystified and lost.
Life taught me the hard way about the value of every penny and managing my money and when it came to my own family, I was determined to fit financial lessons into our everyday life so it wasn’t a mystery for my children.
A few years ago I realized that my girls were spending their money as if they HAD to get rid of it as soon as it came in. I asked them why this was and they looked at me dumbfounded. They hadn’t yet grasped the idea of having some money as savings.
My husband and I became much more aware of how we spoke about money with the girls around. We began teaching them about savings and helping them to set goals and achieve them. We asked each girl to choose something they’d like to buy themselves did the math to see how much it would cost with shipping and taxes and set that as their goal. The girls each came up with ideas on how they could make the money and they began to save.
We saw a sense of power within our daughters once they understood that they are ultimately in control of their own money. The old saying that knowledge is power rings true here.
I encourage you all to talk about money with your children, it’s never too early to begin. The sooner they have a grasp of financials, the more that understanding can grow as they do. As a TD customer, we have often gone into the bank to talk to the representatives with our girls. They each have their own accounts, and thankfully TD employees are patient and knowledgeable to answer any questions our girls have. TD has many online resources to help you become Financially Fit, they even have this adorable Digital Activity Book for kids!
These days, my girls still do wish money would grow on trees, but until that happens, each of them have new goals they set and purchases they make with pride.
Disclosure: This post is part of the YummyMummyClub.ca and TD #FinanciallyFit sponsored program. I received compensation as a thank you for my participation. This post reflects my personal opinion about the information provided by the sponsors.