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Terry Nelson, CFP®, ChFC®, CASL
Olmsted Financial Group
3428 Lakeridge Pl. N.W., Suite 120
Rochester, MN 55901
Phone: 507-281-1262
Cell: 507-250-3967
Fax: 507-281-9131
Email: Terry@OlmstedFinancialGroup.com
November/December 2023
Teach Your Kids the Value of Money
Kids tend to want almost every toy they see in the store or everything their friends have. While it’s not always easy to resist giving your children everything they ask for, teaching them early to save for the things they want can make those items more valued.
Give an Allowance
Even very young children can perform simple tasks around the house. A savings jar or a piggy bank can show them how much they’re earning and how close they are to having enough money to buy the item they’re saving for.Open a Savings Account
You can open a savings account for your child at just about any age. Kids’ savings accounts typically require a parent or other adult to have joint ownership or control. Look for an account with no fees or minimum balance. Encourage your child to deposit birthday or holiday money or, when older, a portion of earnings from a job in the account.Set an Example
Your approach to spending can teach your kids that they need to save and budget for those expensive items they want. Sharing how you save for big-ticket items, such as a new car or a family vacation, can be an important lesson.
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