Money-Smart Kids - Budgeting Tips
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Helping your children understand how to live on a budget at a young age can teach them valuable lessons for later on in life. You’d rather see your kids make small mistakes now than end up continuing to ask you for help to pay for things later on in their life.
Here are a few suggestions for getting started--
- While there is no right age, if your child has proven enough financial savvy by age 12, this may be a good time to consider starting.
- Tell your child you are no longer going to be paying for their clothes, entertainment, or hobbies (Pick a few categories).
- Increase allowance substantially such that child pays for 70% of the costs and parents the remaining 30%.
- Monitor closely for the first few months so you know you’ve got the math right.
- Do not bail them out.
- They will feel good about themselves in what they accomplished and will think it’s cool to tell their friends how they are actually paying for things themselves.
- As they prove they can handle their own categorical budgets, make the child responsible for a family dinner or vacation. Give them a budget and help them work through setting it up and the costs involved.
Continue to coach your kids through their practice and don’t be afraid to make comparisons to your own budgeting as an adult.
Securities offered through registered representatives of MML Investors Services, Inc., 530 Fifth Avenue, 14th Floor, New York, NY 10036, 212-536-6000. Investment Advisory Services offered through Lenox Advisors, Inc. Lenox Advisors, Inc. is not a subsidiary of, nor affiliated with MML Investors Services, Inc. Lenox Advisors, Inc. is a wholly owned subsidiary of National Financial Partners Corporation [NFP], a financial services holding company, New York, NY. NFP is not an affiliate or subsidiary of MML Investors Services, Inc. C
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About the Author
Tom was a 2x All-American soccer player who played for the 3x National Champion University of Virginia Cavaliers. In their first outright national championship, Tom made several key saves in a penalty kick shoot-out which started the Cavaliers on their 3 championship run making them one of the best college soccer teams in the history of the game. He graduated from Virginia with the University’s Distinguished Student Honor. n
After leaving the world of soccer, Tom started his current career of financial planning with Cowan. While there, he started his own company, Henske Advisors which was acquired by National Financial Partners prior to their going public shortly thereafter. He is now one of 6 partners nationwide for Lenox Advisors, a wholly owned subsidiary of NFP. Tom holds professional designations of:
Certified Financial Planner (CFP®),
Chartered Financial Consultant (ChFC),
Certified Life Underwriter (CLU),
Certified in Long Term Care (CLTC),
Certified Fund Specialist (CFS),
Certified Tax Specialist (CTS).
With his clients and their conce
s in mind Tom developed a revolutionary program, Money-Smart Kids™. Money-Smart Kids provides tools and information to foster independence, good judgment and responsible habits in children. The program helps to instill in children a sense that having money is not a right, but a privilege. And, like all privileges, it needs to be honored and protected. The program is age based. No matter where children are in their development, Lenox has gifts, tips, recommendations, resources, books and DVD’s specifically addressing age appropriate issues. n
The program has struck a nerve both locally and nationally and as such Tom is frequently invited speak with the media and at events. In fact, Dow Jones is so enthused about Money-Smart Kids, it is allowing Lenox to provide the Wall Street journal Classroom Edition to clients. It is the first and only exception to Dow Jones’s classroom only distribution policy to date. n
Besides working with individual clients on their financial planning needs, Tom also oversees the marketing vision for the firm. He is a sought after public speaker on the topic of developing financial literacy and values with children and was a featured speaker at The Million Dollar Round Table, attended by 10,000 people this past summer.
Califo
ia Insurance License: 0D91781 n
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