If you haven’t already, you’re probably about to start holiday shopping. Have you talked to your children about the value of money and the importance of managing it wisely? All parents hope that their children will grow up to make prudent use of their money, yet few actually spend time talking to them about how to accomplish these goals, a new study has found. According to the American Institute of CPAs, parents are more likely to have talked with their children about good manners, smart eating habits, the importance of good grades, the dangers of drugs and alcohol and the risks of smoking than about sensible spending. The holiday season offers plenty of opportunities to educate your kids.
Understand their priorities. Long-term objectives, such as saving for college, likely won’t mean as much to your child as more immediate goals, such as a new bike or the latest video game console. So, while it’s a good idea to show them their college savings account statement and discuss how and why you contribute to it, remember that they will get more excited about shorter-term rewards.
If you’re not sure how to get started, the Oklahoma Society of Certified Public Accountants has this advice.
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