10 Ways to Teach Financial Literacy to Your Tween
My mother did not teach me about financial literacy and I am still trying to fix some of the money mistakes I made as an early twenty-something. I want better for my kids. Here are 10 ways to teach financial literacy to your tween (that I wish someone taught me).
#1. Talk to Them About Financial Literacy.
One of the best things you can do is have a conversation with your tween about money. Speaking to them one-on-one is a big deal. The more you talk about money now, the better they will be off in the future. Remember that it’s never too late or too early to talk about money.
#2. Let Them Learn How to Be Responsible with Money.
Tweens learn by doing. Give them chances to be responsibly with money. Give them opportunities to earn money and then show them how to use it properly. Saving, spending, and giving is a great place to start.
#3. Be The Financial Teacher They Need You to Be.
Hopefully, you have some common sense with money. If not, work hard to be the financial teacher your tweens need you to be. Even as a pre-teen, they are watching what you do with money.
#4. Stay On the Same Page as your Partner.
Along the same lines, as your teens watching you, you and your spouse/partner need to be on the same page moneywise. This teaches your tween about the importance of communicating about money.
#5. Talk About Financial Options.
One of the hardest parts of life is encountering the financial issues that break us. Talking about the different financial options out there with your tween is important. Credit cards, savings accounts, chequing accounts — they all need talked about.
#6. Teach Them to Be Confident in Their Decisions.
A lot revolves around money, which is why your child needs to gain the confidence they need to make good financial choices.
#7. Show Them the Numbers.
If your tween is old enough to understand, show them the numbers. Show them your budget and let them be a part of some of the money decisions in your household. Seeing how money works can be a big tool for a tween.
#8. Know That You Are Their Best Teacher.
There isn’t an expensive tool you need to buy to teach your child about financial literacy. You are the best tool they have, be a good example to them.
#9. Keep at It.
Talking about moneys shouldn’t be a one-and-done thing. You should make it a regular habit to speak about money with your tween. Teach Financial Literacy To Your Tween.
#10. Help Them to Understand That Everyone Makes Mistakes.
If every adult in the world never made a mistake with money, we’d be doing good. Help your tween to understand that mistakes are a part of the money process. If you’re making mistakes, you’re probably learning.
Bonus Tip: Introduce them to a good tool. TD offers many online tools to help you and your tween navigate through finances. Take your tween to visit a local TD branch and allow them to open their own account. TD is committed to financial education, and helping families make financial decisions with confidence.
Make sure you check out their Digital Activity Book for kids. The booklet has a ton of great information that is broken down so your tween can understand and relate to it.
Disclosure: This post is part of the YummyMummyClub.ca and TD #FinanciallyFit sponsored program. I received compensation as a thank you for my participation. This post reflects my personal opinion about the information provided by the sponsors.