Financial skills are a family affair: How to help your child understand finance

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People are developing skills to enhance their financial freedom. They have created budgets, devised a savings strategy and utilized insurance to ensure that they have peace of mind. However, in their zeal to become fiscally wise, they may have overlooked the other members of their family. Children need to be included and should learn the principles of finance, even at a young age. This is important to help parents stay on track since the family can work together toward a united goal. In addition, the children’s future can be more secure by practicing those same skills when they are on their own. Financial literacy is not a one-time learning experience and it may not be part of a child’s class curriculum. However, it is easy to develop financial skills by incorporating it into their everyday life from an early age, and over time the lessons can increase in complexity as they age. Parents can begin by teaching children one of the most important lessons — save today and spend tomorrow. Learning patience when dealing with money is an important concept and a learned skill that few people have. Impulse buying has cost people more grief than the immediate satisfaction …

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