Women's Wellness & Wealth

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When teaching your kids how to be financially responsible, you should explain the Power of Compounding. Compounding is the concept of earning interest on interest. Have your child fill out a chart using various interest rates, over given time periods, and assuming they start with $10.

Distinguishing between needs and wants is an excellent way for kids to understand the difference between the two and learn that when it comes to money, needs are taken care of first. A fun activity to have your child do-- is to list five items that costs money. Then, they can check off each item as either a need or a want. After they complete this, explain to them that everybody has different needs and wants, based on their own values.

With older children, explain to them the three C’s of credit, and why they’re important. Capacity- A pattern of rising income and consistent employment helps to boost your credit score. Character- Lenders want to make sure you’re trustworthy and have a pattern of paying your bills on time. Capital- what are your items of value? If you don’t pay your bills, a lender might sell your personal possessions to repay the loan. ... Explain to your children the benefits and responsibilities of having a credit card and emphasize the need to spend less than you earn. http://www.womenswellnessandwealth.com/resources.html

What are SMART goals? They are goals that are: S-Specific M-Measurable A-Achievable... R- Realistic T-Time-bound Have your kids create three SMART financial goals for themselves. One short-term (within 3 months), one intermediate-term (3-12 months), and one long-term (more than 1 year). This will help them connect what they’ve learned about money and goal-setting to their own lives.

New blog post: In-ten-tion-al life planning Women have different planning needs than men and often leave gaps in their savings for later in life. Engaging in intentional life planning gives women more control during life events and transitions, and removes uncertainty. http://www.womenswellnessandwealth.com/blog

Teaching your children how to be financially smart is an often overlooked, but a very important, part of parenting. How can you enforce the importance of saving, budgeting, and responsible spending? The first step is teach your kids about money while they are still young. Even in the early stages of childhood, introducing them to money and the different coins can help them become familiar with the concept. For more steps and tips, you can download Teaching Kids Healthy Money Habits from our resources page! http://www.womenswellnessandwealth.com/resources.html