Knowing the ins and outs of money management isn’t something we’re born with. Understanding how—and why—to spend and save wisely is something my husband and I strive to instill in our kids, and I hope they’ll take these lessons to heart as well as pass them down.
We started teaching our children, now 9 and 12, the value of saving when they were only 5 years old, gifting them each a piggy bank to let them try it out for themselves. As the pandemic shines a brighter light on the importance of financially preparing for the unexpected, the money lessons we teach our children hold even more meaning today.
To my fellow working moms, it’s never too early to start having money conversations with your kids.
Here are some essential financial lessons that every working mom should teach her child(ren).
1. Earning Commissions Rather than an Allowance
My parents taught me the…