Money and the family – creating good financial habits

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Money and the family – creating good financial habits

Summary:
– money & stress go hand-in-hand
– recommends
– open dialogue rather than enduring in silence & to teach children good habits
– Talk to children & include them
– Develop a range of goals (short, medium & longer-term) & stick to them
– display goals prominently
– save together & spend together
– Choose words carefully
– Rather than say “I cannot afford it”, say “we choose to spend our money differently”
– help children with pocket money & organise how it is to be used:
– Spending: – Once this sum is spent it is spent
– Saving: Set goals
– Donating: Set aside some money for others
– Investing: Open an investment account

Source: APA @ http://www.apa.org/helpcenter/money-family.aspx
[American Psychological Association]

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