Money Minded Families. Stephanie W. Mackara

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СКАЧАТЬ accounts each month. For negative or neutral financial socialization, we will not have a plan.

	Positive Financial Socialization	Negative Financial Socialization
Routine	When I receive a paycheck I save 25% of my earnings	When I receive a paycheck it goes into my checking account
Cue	Receiving the paycheck triggers my mindful savings and action	Money in my account
Reward	Small: Each month seeing increase in savings and feeling in controlBig: Retire early/buy the new house/fund education, etc.	Spend it all
Result	Clarity of purpose and realization of planned reward	Spending without thought and purpose; no savings to accomplish your goals, no clarity or control of financial resources

      In the above example, savings 25% of earned income is a big deal and certainly requires willpower, particularly for adults who are trying to change habits. But for children, they won't know any different. You can teach willpower by deciding a reaction ahead of time. Teaching ahead of time will give your children the tools and action plan when presented with a circumstance. I earn money; I save money. When Charles Duhigg talks about the power of habits, the cues and rewards are critical components of forming positive habits. As adults, if you engage in mindfulness and pay attention to things that are happening, you can change any habit. Preparing our children with a catalog of good, strong foundational habits through positive financial socialization can arm them with strong habits, eliminating their need to even make decisions about finances because they will be hardwired with willpower and the routine to make good decisions about their finances.

Armed with some heady research we are now able to start putting the pieces together for your family's financial wellness journey. Not surprisingly, though, many families avoid the topic of money like the plague. Many parents simply think they don't have the tools to pass on savvy financial skills to their children. In truth, it is not that complicated, but like every other skill it takes time and attention. This is a commitment, but one that will pay dividends in more ways than one. Consider that when children are 18, in the eyes of the law, we have crowned them adults. They can execute a contract to take out a loan for a car, buy a house, and execute a student loan contract. Most 18-year-olds I know are ill-prepared for all of the above. As parents, we can no longer afford to be completely unconscious of our spending and savings patterns. Find teachable moments that interest your children, simplify the abstract of paying online or using a credit card with an explanation of how things work, and take every opportunity to give your children hands-on experience in saving, spending, sharing, and investing.

       Money-Minded Motivation

       Financial socialization is a learned process of acquiring knowledge and developing skills. Use this book to acquire the knowledge to develop new skills for yourself and your family.

       Financial wellbeing can be learned and practiced like any other life skill.

       Conscious spending and saving will not only help you meet your financial goals, it will demonstrate the same skills for your children.

       Find teachable moments about your child's favorite store to talk about budgeting to buy their favorite things.

       Explain to your child how a credit card works and why you are using it.

       When possible, have your child pay or participate in a spending decision.

       Habits are the strongest foundation for healthy financial wellness.

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