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For many, trying to do so in an inspiring and motivating way can be downright frustrating.
How do you make financial literacy fun and approachable?
How do you set the bar so that children see money as a tool rather than something to fear?
Below are her top recommendations for parents looking tomake financial literacy fun in the new year.
Repair Your Relationship With Money
Kids are like sponges, according to Frances.
They soak up everything they see and hear, especially from their parents, she said.
If youre stressed, avoidant or fearful about money, theyll pick up on it.
That way, you’re free to teach your kids about financial literacy in a fun way.
My book, Rich as F***, is a great place to start.
Turn Everyday Life Into a Money Lesson
Life is your classroom, Frances said.
Then, help them create a plan to get there, she said.
She recommended helping your child open a savings account and encouraging them to deposit money they receive.
Set goals, track progress and celebrate milestones.
Make it a big deal.
Its about making saving feel rewarding, not restrictive, she said.
She said seeing their money work for them will teach them the power ofpatience and long-term thinking.
When they regret the purchase, she advised against swooping in to save the day.
Instead, talk through what happened and what theyd do differently next time, Frances explained.
Mistakes are where the magic begins financial mishaps teach resilience and help your kids develop their own financial confidence.
Your home is the lab.
Let them experiment before theyre out in the real world.
Kids have amazing ideas!
Encourage them to think creatively about how to generate money, Frances said.
This, she explained, can spark excitement and show kids how to take control of their financial future.
She added that teaching kids about money doesnt have to feel heavy or complicated.
This is so powerful.
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