Page 30 - AreaNewsletters "Feb'20" issue

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Kids and Money
By Dan Maurer, CEO/Owner, DWM Family Wealth Ltd.
Raising nanciallysavvychildreninvolves teaching a variety of skills from budgeting to planning, earning and saving. Besides providing an understanding of the value of a dollar, teaching children about scal responsibility early helps prepare them for life in the real world. Money management is a vital life skill and I am often asked for advice on when and how to begin.
Nowadays, most teens have their own cellphone, a new laptop, cable television in their bedroom and a ready line of credit from the Bank of Mom & Dad with no payback necessary. Getting kids, especially teens, to accept a less indulgent reality can be a real challenge.
One of the best ways to teach children about limited resources is to have them begin to manage their own money as early as possible. These age-based money skills suggestions can help transform your child into a nancially grounded one:
Ages 5-9
Assign simple chores, introduce a weekly allowance, talk about money decisions and values. O erpaymentfortasksaboveand
February 2020 • Castle Rock “AreaNewsletters”
30 beyond usual chores.
F I NA NCE & B US I NE S S