We Are All Financial Stewards … Teaching Children About Money From Mindy Halleck, author of Romance & Money

“Human beings have the remarkable ability to turn nothing into something. They can turn weeds into gardens and pennies into fortunes.” ~ Jim Rohn

HOW & When?  1- Are your kids old enough to keep coins out of their mouths? Then it’s not too early to start teaching them about the more practical uses of money.  2- By spending just 30 minutes a week teaching children the basic principles of money management, you can sow the seeds of financial stewardship that will empower them throughout their lives. You can prepare them for adulthood in our global economy by giving them self-confidence and a better understanding of the world in which they live.

When?  3 - Start early. When children are young you can introduce them to money in fun ways. Create math games that incorporate the basics: five pennies equal a nickel, four quarters equal a dollar, and so on. Be active and engaged in your lessons. You can find a lot of ideas at or

Where To Start?  4 - Break down basic principles. Teach one key financial principle per month. Create a calendar and teach budgeting one month, maintaining a savings account the second, philanthropy the third, and so on. Children will not become incredible money managers overnight, so give them time. A great Web site for fundamental financial information for kids from ages 5 to 18 is

GOALS… 5 - As with goal-setting, budgeting instills self-discipline in handling money. Encourage your children and teens to make a list of the things they want, how much each will cost, and how much they’ll need to save for them. Whether it’s a new pair of jeans or tuition for driver’s ED, having a budget will help them track their progress, restrain impulse spending and achieve their goal. Visit the personal finance section at for great budgeting plans and so much more. It’s one of my favorite money management sites.

Get real about plastic 6 - Avoid using credit and debit cards whenever possible. As tempting as they are, plastic cards teach false values. Children learn by example and they will learn nothing significant about money if they don’t see you using any. If you give yourself a budget of $100 a week, for example, then take that cash out of the bank, and only spend what you have in your wallet.

Teach Them to Be Prepared  7- Show them that you have your own savings account, some cash on hand, and a reserve account. Let them know that when the stove goes out, $$$ - SOS!!!! not to worry because you have the money to replace it without having to use credit. Witnessing firsthand the importance of keeping emergency funds available will teach children the value of saving and preparing for unexpected expenses, like a broken skateboard wheel, – which is, of course, totally devastating.

Sometimes It Hurts 8- Let them blow it. When your children get into financial trouble, the worst thing you can do is pick up the tab. If they have to suffer the consequences that result from carelessness or impulse buying, they will learn from these mistakes and, hopefully, make more conscious choices in the future.

Finally, as parents, we must recognize that passing on a healthy relationship with money is important to our children’s future and peace of mind. Money problems can occur when financial management skills are never addressed. Commit to teaching your children these skills and discussing them for at least 30 minutes once a week. If you’ve trained them well, your teens won’t see the credit card offers arriving in the mail as a means to instant gratification. Teaching your children about money, as well as credit, can be a fun experience, but most important, a priceless lesson. We are all financial stewards. The fate of the next generation is in our hands. Start planting now and watch the seeds of responsibility grow. To read the full We Are Financial Stewards article, please visit Romanceandmoney.wordpress.com Thank you. Mindy Halleck From Mindy Halleck, author of Romance & Money