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Filling Your Child’s Money Memory Bank

Filling Your Child’s Money Memory Bank
March 21, 2016 Torrey Park

Charles R. Swindoll said “Each day of our lives we make deposits in the memory banks of our children.” Think about that and ask yourself what memories you left your child with today; was it a happy memory, a sad memory, or maybe even an angry memory? Often times, thinking this way regarding finances is lost during the busy day.

Next time you find yourself interacting with finances and your children, stop and think about how your actions may affect theirs in the future. Show them how to make positive choices and include them in making financial decisions.

For example, while you’re at the grocery store ask for their help. Tell them what your shopping budget is and for how long the food needs to last. Teach your children how to compare prices of different brands and explain that when you spend less on one item, you can afford to purchase another. Even better is to celebrate shopping under your budget by taking that extra money to the bank where you and your children can deposit it into a savings account; use that money to save for an item needed for your household or for something you can all do together. When your child hears that the money saved at the grocery store helped to buy a fun dvd for the family to watch together, they may start thinking about how they want to save for items in their future.

You don’t need to go out of your way to encourage a positive relationship with money. You just need to be conscious that when financial interactions are presented, they are done in a positive way. This includes everything from making purchases to paying bills. Your child picks up more than you think from your actions. What are they retaining?

Making sure that those positive financial memories are instilled in them is important to improving their future; even our future would be improved because they are the future leaders of the world. Remember that you may be raising the next William Shakespeare, Nikola Tesla, or Maya Angelou.

By Meghan Northcutt, AFC® Candidate, FFC™ Candidate