Show Your Kids How to Be Money Smart
A common complaint among teenagers, and even graduates, is that for all their schooling they never learned anything really practical about money and how to manage it.
Even parents struggle to teach the topic to their children. As one parent shared, “It was easier to teach my kids about the birds and the bees than to teach them about money.”
The truth of the matter is the average individual doesn’t know how to smartly manage their money.
This shortcoming is plainly evidenced by our growing household debt in the US, which hit an all-time high of $19.1 trillion in Q4 2020 and only getting bigger.
If we want to empower our children to take control of their money (and their futures), we can’t mistakenly assume that their school will show them what they need to know.
The Budgeting Boot Camp is a week long program. Budgeting covers making a budget and more, such as What are the financial pitfalls to avoid?
What is a budget and why do we budget?
- What is a savings account and how does a checking account differ?
- What is the process for opening an account and putting money in there?
- What are typical banking fees?
- Why you need to save and keep track of your money.
I have taught this class many times, and surprisingly the most questions came from kids about, “How do you become homeless?” and what they can do to prevent that. It’s a big fear for kids, so we address that and how responsible money management can prevent being on the street.
We discuss the difference between a debit card and a credit card. They look the same, but yet very different in the ways you use them and how each will influence your credit score if you misuse them.
We talk about what a credit score is, the factors that go into that, as well as how to track expenses.
And then we talk about self-management to stress that they need to set aside some time during the week or monthly to have a look at their numbers.
It was easier when I was a kid because I had my money in different little envelopes and could touch it and understand the value of it through that. But in an increasingly cashless society it is harder to do.
So we teach them to evaluate what is going on periodically. Are they on track with their investing, with their savings? Or are they not following the budget? And if they don't follow the budget, try and figure out why not. Do they need to adjust their budget because it is unrealistic?
Classes are taught live at the moment. This provides a different energy because there's a live person you can ask questions from. In the live class, we have discussions, we also play some educational games called Kahoot or Quizlet, or there are a slew of apps and games that I use to make it interactive and interesting. And that is the beauty of a live class, because it makes the concepts real.
Classes are enrolling now, so please contact me to sign up your child today!