Kids need and love boundaries. Teaching your child how to save should include lessons on setting short-term and long-term savings goals, making their money work for them at the bank, and allowing them to have small failures with their own money. But they also need to see their parents “walking their talk.” Do you have a saving and spending plan? What do your children observe when you drive by the fancy latte shop or nail salon? Do you model restraint and prudent spending that aligns with your family financial plan? Perhaps it’s time you revisited the basics yourself? It’s a good idea to periodically review your own income and expenses – and to set some power saving goals for yourself.
Wally Santana/AP/File
