As a parent, teaching your children about money can be a daunting task. However, with the right approach, it can be a valuable lesson that will benefit them for the rest of their lives. Jamie Corum, an Austin, Texas-based cybersecurity professional, has made it a priority to teach her three children about financial literacy.

Starting the Conversation

Corum and her wife use engaging activities to encourage their children’s interest in topics like saving and budgeting. For example, when they’re at the grocery store, Corum sets a timer for her 10-year-old daughter to look around and choose one item to buy, taking into account her budget and the tax she’ll have to pay.

Experts recommend talking about money openly and often with your children. Carrie Joy Grimes, a personal finance expert, suggests having conversations about money in front of your kids to normalize it. This can be as simple as discussing the cost of items or explaining how you make financial decisions.

Teaching Children to Make Money Decisions

A key aspect of personal finance is knowing how to make choices with money. This can be taught by giving kids small amounts of money and allowing them to choose how to spend it. It’s essential to give them the freedom to make decisions without judgment, allowing them to learn from their mistakes.

There are many resources available to help parents teach their children about financial literacy. Apps like Acorns Early, Greenlight, and BusyKid offer a range of tools and activities to make learning about money fun and engaging.

Setting Financial Goals

Setting financial goals is an important part of teaching children about money. This can be as simple as saving for a new toy or a bigger goal like saving for college. Encouraging children to set goals and work towards them can help them develop a healthy relationship with money and a strong work ethic.

Original reporting: Texarkana Gazette — read the source article.