Teaching Kids Good Money Habits - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Teaching Kids Good Money Habits

(WFLX) - Have you considered recession proofing your kids? Teaching youngsters good financial habits early should not only help them, but teach them to avoid bad habits later. In these though times many families are dealing with job lay-offs and foreclosed homes.

Today we spoke with a financial coach who told us you can still teach your kids good habits amid the slumping economy. Financial Coach Regina Bedoya recommends four simple tips.

Talk with Kids About Money:

Encourage kids to succeed. Bedoya says, it's important to discuss money management, such as bill paying and planning a college fund.

Lead by Example:

Use a trip to the grocery story to teach money management. If you clip coupons or select less expensive ingredients. Bedoya says these are times when you can teach a child ways to save.

Go Beyond Allowances: Encourage kids to generated their own earnings such as running a lemonade stand. Our expert says It's a classic example of entrepreneurship and seeing something through from start to finish.

Practice Smart Saving:

According to Bedoya there's not a better time to practice that than during a recession. Use a jar or container where kids can see their savings grow. Experts say this will help down the road when it comes to investing part of their income and preparing for big purchases such as their first house or car.

"At the end of the day the best lessons are learned at home and we're finding that parents who not only talk to their kids about money issues, but also practice what they preaching have the most successful children, " says Regina Bedoya. Experts say teaching youngsters good financial habits early should not only help them, but teach them to avoid bad habits later.  

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