In my home, we’ve always maintained an open culture of communication, and we talked about money management early and often. Teaching good financial habits, such as saving and budgeting, is one of the best ways to prepare children to have a secure financial future. We often discussed staying debt-free and investing to meet goals, such as large future purchases and even retirement. These are only a few examples of the concepts we covered, but the journey continues to this day.
Teaching kids to establish sound money management skills and strong financial acumen is important, regardless of wealth level. The good news is that Vanguard offers tools and resources to help guide families in these discussions. And during this time when many families are spending more time together at home, now is a great opportunity to use some of the activities below.