Teaching Kids to Save

About this episode

The episode discusses strategies for teaching children about saving and managing money responsibly.

April is Financial Literacy month, and in this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden talk about some basics of teaching kids to save and manage money responsibly. Getting kids to the point where they are financially independent is a huge milestone, and sometimes it feels like that is harder to achieve than it has ever been. Strategies and ideas for raising financially literate children: Model good financial habits and discuss them with your children. This includes: Tradeoffs – you can buy this, but then won’t have enough money for that. Delayed gratification – saving for the “big” items. Retirement – we set aside some of our money, so someday we can quit working. College – we set aside money for you, so that someday you can go to college, learn schools, and get a good job to be able live on your own. Taxes – some portion of the money we make goes to the government to pay for schools, roads, and other things. Start early with the basics and as your children grow, you can incorporate things like savings accounts, investment accounts, and even involving your kids in decision-making with family spending (vacations are a great…

People in this episode

Hosts: Corey Janoff, Rachelle Vanderzanden

Topics covered

• financial literacy
• teaching kids
• saving money
• financial independence
• responsible money management

Keywords

• financial literacy
• kids saving
• money management
• financial independence
• delayed gratification

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