Financial Friday Viv-e-o 🎥: The Save, Spend, Share Method
What age should you start talking to your child/grandchild about money? Immediately!
By age 3 most children have a basic concept of money and by age 7 many of their money habits are already set?
One of the greatest gifts you can give a child is to talk about money early and often. We want to inspire and empower you to instill essential money skills, to help pave their road to financial freedom.
Each Financial Friday Viv-e-o is for you to share with the children in your life. Show them this video to spark the discussion! Ask them what they think and how they can apply this new knowledge to their own money. Most importantly, have them repeat the saying they learned!
A great way to instill the essential habit of saving money is by teaching them the Save, Spend, Share Method. Here are some guidelines to follow:
🏦Save. When paying a child for chores, you want to create a “pay yourself first” habit and immediately put 50% of their earnings in their bank account. This teaches them to create an emergency fund and set aside money to buy large ticket items in the future.
💸Spend. They are free to spend 40% of their money, but you should also teach them how to spend wisely. Make them think of things they need rather than allowing them to impulse buy. Also encourage them to set this money aside in a hidden place in their room where they can pool their “spend money” to buy something of better quality.
🎁Share. Money is also meant to be shared. 10% is an appropriate amount to allocate to charity or to buy a friend or relative a present. Again, they can “pool” this money to make a larger donation or to save to buy that special gift for someone.
Sayings become our inner voice and we believe and abide by them! These sayings aren’t just good for kids they are great for your inner dialogue too!
Help your child/grandchild create EPPIC™ wealth skills by continuing to share Vivi’s videos and sayings with them!