Brought to you by Heritage Financial Consultants, LLC
Written by Kaela Lee
Parents often wonder, “Am I doing a good job?” There are many concerns that must be considered while raising children, as well as an infinite amount of knowledge and life lessons we hope to instill. To raise successful adults, children must understand their personal finances, so start young! Throughout our life, from childhood to adulthood, our money can be separated into three categories: share, spend, and save. Work with your little one to gather three transparent jars and label the jars share, spend and save, respectively.
Explain that each jar must receive a contribution and clarify what each is for. The spend jar is for small purchases like candy at the grocery store. The save jar requires long-term planning and patience to reach the goal, such as a bike. The share jar is to give to something they really care about. Ensure the share jar subject is chosen by your child, this can instill a passion for charitable acts, introduce compassion and drive them to volunteer as adults.
Once the jars begin to fill up and your child plans on making a purchase, bring their “spend” jar along to the store. It is important to mention they do not need to spend their money right away, they can contribute more of their spending money into the save jar and that they cannot dip into the other jars for on the spot spend money. Once the share jar has been filled, help them donate the funds – take a trip to the shelter so they can see where their money went and what it helped.
This is an easy and impactful activity for your children, give it a shot! It will be one more thing you do right as a parent.