If there’s one thing we’ve all learned from the current pandemic, it’s that it’s important to save for a rainy day.
I came across a pretty shocking statistic the other day – more than 50%+ of Americans have less than $1000 in savings.
With unemployment skyrocketing and most business at a standstill, that doesn’t leave enough money for most people to cover even one month’s expenses without pay.
As I mentioned last week, there are many ways to recession-proof your income; whether you work at a traditional job or have your own business.
And when you receive income, it’s also important to remember that a certain % of it needs to be set aside each month in a savings account so that the next time a medical emergency or pandemic, recession or depression arises, you’re prepared and able to weather the storm relatively stress-free.
But how do we teach these important financial lessons to our kids?
With the kids stuck at home and this BIG financial life lesson on our minds, NOW is a great opportunity to teach your kids how to Save, Share & Spend money responsibly.
One really cool way our family is getting our son engaged in both doing his chores (WITHOUT COMPLAINING!) and learning how to manage his money is by utilizing this pretty fantastic new tool – the Greenlight Debit Card for kids.
The Greenlight Debit Card uses a physical debit card + an app to teach kids how to take the money they earn through chores or assignments and allocated them into Spend, Save, & Share buckets.
It helps kids think about the types of things they really want to spend by letting them track and see their spending, saving and sharing accounts increase and decrease in real time! It’s a pretty darn cool system.
And even though my son has really mean parents who have not let him have a smartphone yet, he’s able to use the app on our family tablet and manage his money that way.
There are also a lot of great parent controls and financial education information tools for your kids through the program.
Starting your kids off with an understanding of the importance of putting away a percentage of their income each month in savings will make a BIG IMPACT on keeping them secure and stress-free in the future.