Guide your children to establish financial goals

Whether it’s a digital or paper tool, your children’s goal planner needs to include short- and long-term goals. With a goal planner, your children can track their goals and learn that good things come to those who save.

Goal Planning Worksheet (PDF, 740 KB) Opens in a new window.

Saving for a goal may take time, but it helps reinforce the idea that money doesn’t just “sit” in a bank account. Rather, money “works.”

Thanks to the power of compound interest, money in the bank earns interest over time, compounding over and over again. This can lead to an exponential growth effect. Show your children how their savings are working for them so they can appreciate the benefits of saving and investing their money for the long term.

So much information is shared over the Internet and social media — information that never would have been shared even 10 years ago. Teach your kids how to keep their personal and financial information private with these tips:

• Think twice before clicking. Phishing scams and clone sites will try to lure children to provide their private information.
• Avoid sharing personal information, such as your address, birthday or full legal name, online. If they’re unsure, they can ask you before they do so.
• Use only trusted payment methods. If they shop online, talk to your kids about only using trusted payment methods to prevent identity theft.

You know your kids best. Tailor these activities to your family’s needs. Goal planning can help prepare your kids for financial success and reinforce their being financially responsible. The lessons they learn now will hold them in good stead for the future.