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6 Steps to Become a Money Mentor for Your Kids

Money MentorAs a mother of five, my daily concerns are usually quite routine. Prepare lunches, get the kids ready for school, transportation, homework, chores, gymnastics,  supper, bath time, read a book, bed time and repeat… sound familiar?

Talking to Our Kids About Money

With “Talk with Our Kids About Money Day” coming up on April 16, I realize that I’ve overlooked a very important part of my role as mom: teaching my children about money management. Every day I make decisions about money, small or big, and I’m missing those opportunities to teach my kids about managing money.

Taking Advantage of Daily Money Decisions

Our children are like shadows, quietly watching our every move and mimicking our behaviours. I’m sure most of us have experienced times when a child wants to punch the buttons on the ATM machine or hand over the cash to pay for something at the store. But do we take advantage of these learning opportunities to start a conversation about why we’re making a purchase and where the money comes from?

Like every parent, I want to make sure my children are well-equipped to face those challenges that will inevitably happen in life. That’s why I’m taking the challenge to Make it Count and become a money mentor for my kids.

Become a Money Mentor with These 6 Steps

Use these guidelines to set a good example that will help to establish positive financial habits and spending behaviour.

  1. Assess your money situation.
    Track your spending for one month. Not only will this help you talk to your kids about spending, but will help you realize where your money is going as well.dotted
  2. Develop a budget.
    Calculate your expenses; assess your long- and short-term needs; then decide which expenses can or should be trimmed.dotted
  3. Set financial goals.
    Establishing short- or long-term savings goals puts you in charge of your money and your life.dotted
  4. Make a plan.
    How are you going to reach those goals? Make sure you have a plan that will help you reach your goals, that works with your financial situation.dotted
  5. Take action.
    Put your plan into effect and start on your path to financial security.dotted
  6. Start talking to your kids.
    Get your child involved in money management and use those daily opportunities to start up conversations with your kids.dotted

Make it count parent's guideThe Manitoba Securities Commission and Assiniboine Credit Union have partnered to provide tools and resources for families, students and teachers about financial literacy with their Make it Count program. Track your money, set savings goals and work on spending habits online and learn how to be a positive role model for your kids.

Make It Count today!

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