Kids and Money: An Age-By-Age Guide | By Michelle Levesque

March 23, 2022

This post is presented by Financial Advisor, Michelle Levesque

As an Advisor I review peoples’ debts, savings, and budget on a regular basis. The most common thing I hear is “why aren’t we taught all of this in high school? This has such an impact on our lives. I learned so many things I will never use in school, but nothing about money!”

This needs to change. If it’s not included in school curriculums, it must be taught at home. Here are some helpful tips to teaching your children about money, so they grow up to be financially responsible adults.

INFLUENCE | Little eyes are watching you. If you spend beyond what you can afford and are stressed, they see that. If you have a big house and all the toys they may feel like that is the norm and get loans to buy the same when they are older.

PIGGY BANK | Count it with them every now and then. Show them it is growing so they will have enough to purchase bigger items if they keep saving.

COSTS | Help them take money out of their jar and physically hand the money to the cashier at the store. This will show them the value of money and they will remember since they spent some of their own savings.

WAGES | Pay them for chores they do around the house (dishes, garbage out, mowing, laundry), rather than an allowance for doing nothing. This shows them that money is earned; not just given to them.

IMPULSE BUYS | It can be easy to impulse buy when spending someone else’s money. Let your child know they can use their hard-earned savings to pay for it. Teach them that if they impulsively buy items their savings won’t grow to buy the bigger items they have been wanting.

FIRST JOB | Help them draw up their first resume, drive them to interviews if they do not yet have a license, give them interview tips!

CREDIT CARDS | Many colleges have credit card companies offering cards to students. It is important to teach them about credit card debt before this happens. It is the debt that people accumulate when using credit cards beyond what you can actually pay off that is bad, not using the cards. Just be sure to teach the importance of paying them off on a weekly basis.

Until next time!

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I have been guiding individuals and business owners financially since 2008. I chose to represent Front Gate Financial Group, a local brokerage, which offers every bank and insurance company. I do not believe in being biased or product pushing for one particular company since all companies can have competitive products at any given time. I review each individual’s entire financial circumstance, educate, then shop the market for the best in all areas. You deal with one person you trust and know you have the best in all areas.

My favourite part of being a Financial Advisor is educating and empowering people financially. There’s nothing better than having a new client tell me they are no longer overwhelmed and confused by their finances and are excited by the game plan we have put in place to budget, pay down debts, protect their family, and reach their goal of retiring comfortably.

Over the years I have been asked to give financial education presentations at numerous groups and events including: Fredericton Area Women’s Business Network, International Women’s Day, Mom Talk NB, the Oromocto Chamber of Commerce, Fredericton Regional Family Resource Centre, Military Family Resource Centre, Wedding Shows, Facebook groups. I am currently the Financial Pro for Mom Talk NB providing monthly articles and live discussions.

I am married, have a little fur baby and a beautiful daughter. I enjoy travelling with my husband, painting, scuba diving, snowboarding, yoga, and walking my pup. Quality time with family and friends is everything!

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