As we head into August, many things are still uncertain. Especially when it comes to school and your child's education. While some Nevada students will be back in the classroom, others will learn remotely. Whatever the case, you can teach your young ones resiliency and how to look ahead — especially when it comes to money. We have seven tips, so you can try to give them a top-notch financial education at home.
- Show your kids how you pay the bills. Whether you still pay by check, have automatic payments set up, or use Online Banking, they'll see how much electricity, water, gas, and more cost. Plus, they'll learn how to make those payments on time. You don't want them to experience the "shut off" notice for a late or missed payment once they go out on their own.
- Let them watch you balance your account and see the family budget. These are both amazing teaching opportunities. Fact is, most schools don't teach budgeting and balancing. Plus, they'll see that smartphones, television subscriptions, and eating out add up fast.
- Give them a budget for an item they want. Explain how to shop for something, weigh all of the options, read reviews, and finally pick the right one. It might be a video game system, new smartphone, or something a bit more simple. Whatever it is, the experience will shape their buying habits for the rest of their life.
- Let your kids work to pay for an expensive item or trip. It will teach them the difference between wants and needs and how something they've earned feels more valuable and special.
- Help them start their own small business. From making bracelets and crafts to online retail stores, there are many ways kids can earn money besides mowing lawns and babysitting. Nevada Secretary of State has all the info you'll need to get started.
- Let your kids see you occasionally leave a store without buying anything. This will help them fight the impulse to buy, buy, buy. It'll also be your chance to explain the difference between price and value.
- Take your kids with you on your next visit to One Nevada Credit Union. You'd be surprised how many young adults are intimidated by financial institutions, because they've never set foot in one. By taking them along with you, you'll help alleviate fears and give them the confidence to take their finances by the horns.